This weekly chart has freshly drawn fib retracement levels. You will immediately notice that BTC has had 2.5 weekly candles above the .382 which means the asset is heating up from a low of 15k. The EMA trio are all facing upward and RSI broke a downtrend, the dotted line on the RSI is a high from 2021 for reference. Bitcoin has had a lot of excitement around this fib level historically. Since we are in a macro uptrend I believe it will become support. A circled the multiple weeks of reference where price action has meandered around this fib.
BTC maintains the purple trend line from Dec 2022, losing it briefly but bouncing off the converging EMAs in return. Volume is on a downtrend as well as volatility. This is contraction, contraction leads to big moves. December historically has a higher upside than downside for BTC especially if the leading month or two has been bullish. I am in for an attempt at the golden .5 fib and rejection. BTC as high as ~43k in December to retrace back to current fib for a consolidation. This is assuming blackrock doesnt surprise us for Christmas.
BTC maintains the purple trend line from Dec 2022, losing it briefly but bouncing off the converging EMAs in return. Volume is on a downtrend as well as volatility. This is contraction, contraction leads to big moves. December historically has a higher upside than downside for BTC especially if the leading month or two has been bullish. I am in for an attempt at the golden .5 fib and rejection. BTC as high as ~43k in December to retrace back to current fib for a consolidation. This is assuming blackrock doesnt surprise us for Christmas.