Bitcoin had a perfect bounce off of the area around 54k, which aligns with the 0.5FIB level and is currently trading around the 0.382FIB level. It is crucial for BTC to break 58k and set a higher high. After which 60k will be the level to beat (strong resistance and psychologically important level).
If we fail to break 58k however, we are likely to return to 54k. Should 54k not hold than the next area of support is around 48k, which would be a -16% move from current prices and which would make this retracement total at -31%.
WHICH IS PERFECTLY FINE IN A BULL MARKET CYCLE. No need to start panick selling as we're still not at the peak of this cycle. I'm definitely not selling any of my positions as of yet.
However, DYOR and don't think this is financial advice.
If we fail to break 58k however, we are likely to return to 54k. Should 54k not hold than the next area of support is around 48k, which would be a -16% move from current prices and which would make this retracement total at -31%.
WHICH IS PERFECTLY FINE IN A BULL MARKET CYCLE. No need to start panick selling as we're still not at the peak of this cycle. I'm definitely not selling any of my positions as of yet.
However, DYOR and don't think this is financial advice.
