Bitcoin's recent decline since mid-October formed a very deep correction, bouncing sharply off the 0.786 Fibonacci Retracement level on the 1D chart.
Key Points
Deep Retracement: The 0.786 level represents a severe test of the prior uptrend's strength. The bounce confirms this as a major support zone, but the depth suggests significant underlying weakness or exhaustion of bullish momentum.
Immediate Target: The price is now challenging the crucial 0.618 Fibonacci level. This "Golden Ratio" acts as the primary technical resistance. A successful break above it is necessary to confirm a potential trend reversal and resume the larger upward move.
Macro Impact (The Fed): The upcoming USD interest rate decision is the major external catalyst.
The market is at a critical technical resistance (0.618) coinciding with a major macroeconomic event. The Fed's decision will likely dictate if the 0.786 bounce holds, or if the deeper correction continues.
Key Points
Deep Retracement: The 0.786 level represents a severe test of the prior uptrend's strength. The bounce confirms this as a major support zone, but the depth suggests significant underlying weakness or exhaustion of bullish momentum.
Immediate Target: The price is now challenging the crucial 0.618 Fibonacci level. This "Golden Ratio" acts as the primary technical resistance. A successful break above it is necessary to confirm a potential trend reversal and resume the larger upward move.
Macro Impact (The Fed): The upcoming USD interest rate decision is the major external catalyst.
- Dovish Outcome (Rate Cut/More Cuts Expected): Likely bullish for Bitcoin, increasing liquidity and risk appetite, potentially helping it break 0.618.
- Hawkish Outcome (Rate Hold/Tightening Expected): Likely bearish, reducing liquidity and making it difficult for Bitcoin to hold above the $0.786$ support.
The market is at a critical technical resistance (0.618) coinciding with a major macroeconomic event. The Fed's decision will likely dictate if the 0.786 bounce holds, or if the deeper correction continues.
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.