I prepared an analysis that might be useful.
The state of this bitcoin days is probably not out of two states:
1. The price rises to the bottom line of the red triangle, 9500, and then falls to the 0.786 Fibonacci area, 6500.
2. If the price breaks 9500 and enters the red triangle, it is very likely to break the upper line of the triangle and rise to 11000.
It is less likely that if the price returns to the bottom line of the triangle, 9500, it will fall to 6500.
Notice the following chart:
In many cases, Fibonacci lines can clearly indicate market support and resistance. The 61.8% Fibonacci line is always important to bitcoin, and you can see in the chart how it plays its role as support first and then breaks it as resistance.
As the chart shows, the price has not yet been able to break the 61.8% resistance, ie $ 9441. (Note that it is said when a support line and a resistance line are broken when at least 2 consecutive candlesticks at a time of 4 hours or more are closed above the resistance line or below the support line.)
Result : If the 61.8% Fibonacci retracement is broken, the probability of bullish is high, otherwise we are expecting the price to fall to the 78.6% Fibonacci retracement line of 6600.
Thanks for your attention.
The 61.8% fibo line showed good resistance.
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Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.