Bitcoin has tested the 0.618 Fibonacci four times on the daily timeframe.
When you switch to the weekly timeframe, you'll see that bitcoin has closed the weekly candle above the 0.618 Fibonacci level every time for the past 13 weeks.
I regularly use Hank Moody's indicators in terms of "ultimate RSI" and "ultimate macd" and also the "divergence for many indicators".
The last indicator clearly indicates with the two yellow lines that a trend reversal will take place; in other words, an upward trend will take place. These two divergences are also visible on the weekly, which is quite bullish.
Ultimate RSI indicates that $BTCUSD is currently strongly overbought, and the ultimate macd shows a divergence on multiple time frames.
Since today, some buying volume is also slowly coming in. Still too little in my opinion, but if it closes above 0.618 Fibonacci this Sunday, then my expectation is that the buying volume will increase further. This will possibly cause a short squeeze and push the price further towards the 0.5 Fibonacci resistance level ($24,000,-). I expect to see some positive fireworks around the $24,000 price level starting next week. If this is broken, then we can start getting ourselves ready for the $30,000 level. That is the next resistance level after the $24,000 and is also the 0.382 Fibonacci level.
In a nutshell, we are not going to drop further than $18,000 and Bitcoin is currently in the process of kicking off the bull market once again. As mentioned earlier, Bitcoin is currently in an accumulation phase and moving between the $20,000 and $24,000 range.
Probably not for long...
When you switch to the weekly timeframe, you'll see that bitcoin has closed the weekly candle above the 0.618 Fibonacci level every time for the past 13 weeks.
I regularly use Hank Moody's indicators in terms of "ultimate RSI" and "ultimate macd" and also the "divergence for many indicators".
The last indicator clearly indicates with the two yellow lines that a trend reversal will take place; in other words, an upward trend will take place. These two divergences are also visible on the weekly, which is quite bullish.
Ultimate RSI indicates that $BTCUSD is currently strongly overbought, and the ultimate macd shows a divergence on multiple time frames.
Since today, some buying volume is also slowly coming in. Still too little in my opinion, but if it closes above 0.618 Fibonacci this Sunday, then my expectation is that the buying volume will increase further. This will possibly cause a short squeeze and push the price further towards the 0.5 Fibonacci resistance level ($24,000,-). I expect to see some positive fireworks around the $24,000 price level starting next week. If this is broken, then we can start getting ourselves ready for the $30,000 level. That is the next resistance level after the $24,000 and is also the 0.382 Fibonacci level.
In a nutshell, we are not going to drop further than $18,000 and Bitcoin is currently in the process of kicking off the bull market once again. As mentioned earlier, Bitcoin is currently in an accumulation phase and moving between the $20,000 and $24,000 range.
Probably not for long...