If we take a very zoomed out look of BTC on the weekly chart we can see the following confluence points around 4-5K price range
1: 0.786 fib. retracement from the start of the bull run in 2015 (which is a very bullish and healthy retracement)
2: If we extrapolate the 200 EMA ( light blue) it will fit this price range
3: Area of high support
4: The trend line that has been respected since the bull run in 2015 coincides with this price range.
So imo a big bounce from 4-5k is highly expected
1: 0.786 fib. retracement from the start of the bull run in 2015 (which is a very bullish and healthy retracement)
2: If we extrapolate the 200 EMA ( light blue) it will fit this price range
3: Area of high support
4: The trend line that has been respected since the bull run in 2015 coincides with this price range.
So imo a big bounce from 4-5k is highly expected
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.