Market Update: BTC Price Correction and Potential Support Levels
Market Context:
Earlier in the week,
BTC faced rejection at around $68,000 and has started to correct. The price is currently trading at $66,000.
Expected Market Movement:
Further Pullback: We anticipate a further pullback over the next few days to test the strong support area around $63,000.
Support Levels:
The $63,000 level coincides with the Daily 50 Moving Average.
The 0.382 Fibonacci retracement also aligns with this level, adding additional support.
Potential Scenario:
Bounce from Support: A move off the $63,000 level could set BTC up for further continuation.
Test of All-Time High: If support holds, BTC could potentially test the all-time high over the next couple of weeks.
📊 Key Levels to Watch:
Support: $63,000 (Daily 50 MA and 0.382 Fibonacci retracement)
Resistance: $68,000 (recent rejection point)
Potential Targets: All-time high if support holds and price continues to move higher
🚨 Note: Monitor the price action closely as BTC approaches the $63,000 support level. If the support holds, it could provide a strong entry point for a long position. However, a break below this support might signal further downside. #BTC #CryptoMarket #TechnicalAnalysis 🧐
Earlier in the week,
BTC faced rejection at around $68,000 and has started to correct. The price is currently trading at $66,000.Expected Market Movement:
Further Pullback: We anticipate a further pullback over the next few days to test the strong support area around $63,000.
Support Levels:
The $63,000 level coincides with the Daily 50 Moving Average.
The 0.382 Fibonacci retracement also aligns with this level, adding additional support.
Potential Scenario:
Bounce from Support: A move off the $63,000 level could set BTC up for further continuation.
Test of All-Time High: If support holds, BTC could potentially test the all-time high over the next couple of weeks.
📊 Key Levels to Watch:
Support: $63,000 (Daily 50 MA and 0.382 Fibonacci retracement)
Resistance: $68,000 (recent rejection point)
Potential Targets: All-time high if support holds and price continues to move higher
🚨 Note: Monitor the price action closely as BTC approaches the $63,000 support level. If the support holds, it could provide a strong entry point for a long position. However, a break below this support might signal further downside. #BTC #CryptoMarket #TechnicalAnalysis 🧐
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