BTC broke new highs, but what next?
Bitcoin / U.S. dollarBitstamp
Description
⋅ Since Feburary 2024, BTCUSD has surged to reach an all-time high of 74,000.
However, after reaching the level, the cryptocurrency has reversed by 18%, down to 61,000.
If the price breaks below the 38.2% Fibonacci retracement level, anticipate downside to the 61.8% retracement level.
However, if that happens, the 52,000 level could be a good support level for the BTCUSD to rebound.
Base on a similar scenario in 2021...
- BTCUSD broke new highs (64,750) before reversing lower
- Reached 61.8% retracement level before rebound
- Created higher high of (68,900)