Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Bitcoin (BTC).
The chart is self-explanatory. With the price bouncing off of a major support trendline around 39K-40K, the price has the potential to move upwards. A key area will be looking at the 0.618 Fibonacci level on the Fibonacci Retracement (shown in the chart). If the price can get there and breaks down, it will go back to re-test the major support line, which is in the 0.236 Fib level. If the price move upwards from the 0.618 Fib level, it will be very important for the price to move above the 0.786 level to possibly breakout upwards. There is Ichimoku Cloud resistance in red coming up around 52K-53K to consider. Lastly, if the price comes back down, it could form a double bottom around the support trend line or 39K-41K and move back up.
I have also shown two prior examples of Fibonacci Retracements with a breakout and Dead Cat Bounce scenario which recently occurred for comparison.
Shown in the chart: Fibonacci Retracement, Trend line, Ichimoku Cloud, Support and Resistance Trend Line, Relative Strength Index, and Volume.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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BTC price is facing some resistance at the 0.236 Fib level on my chart. Good luck BTC!
Great analysis! Probably we could have an additional clue after the CPI announcement this afternoon, what do you think? btw, DXY looks weak and exhausted. Cheers and wish u all the success on your trades!
Cheers and wish u all the success on your trades!