Price Consolidation Is Still Uncertain
the 0 to 0.236 Fibonacci range is recognized as a key support level for Bitcoin. This level, until breached and confirmed with a price consolidation below it, does not definitively indicate that Bitcoin has entered a bearish trend.
Currently, the formation of a lower high compared to the previous high indicates the development of a bearish trend line. Although the price has closed above this trend line, we have yet to see a consolidation at this level. It is advised to look for signs of consolidation in a shorter time frame, such as the one-hour chart.
If consolidation occurs, there is a potential for Bitcoin's price to rise to the next resistance level in the 1 Fibonacci range and then to a price target of $44,600. Otherwise, a decline in price to at least the ascending trend line should be expected.
This analysis is for informational purposes only and should not be considered as financial advice.
Currently, the formation of a lower high compared to the previous high indicates the development of a bearish trend line. Although the price has closed above this trend line, we have yet to see a consolidation at this level. It is advised to look for signs of consolidation in a shorter time frame, such as the one-hour chart.
If consolidation occurs, there is a potential for Bitcoin's price to rise to the next resistance level in the 1 Fibonacci range and then to a price target of $44,600. Otherwise, a decline in price to at least the ascending trend line should be expected.
This analysis is for informational purposes only and should not be considered as financial advice.
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