This idea analyzes Bitcoin's (BTC) potential market direction using a combination of RSI, MACD, and trend lines, with the 0.6 Fibonacci retracement level as key support. The Relative Strength Index (RSI) is monitored for overbought/oversold conditions, while the Moving Average Convergence Divergence (MACD) highlights momentum shifts and potential crossovers. Trend lines are drawn to identify critical resistance and support zones, with the 0.6 Fib retracement acting as a pivotal support level. A bounce from this level with bullish RSI divergence and a MACD crossover could signal a bull market continuation, targeting new highs. Conversely, a break below 0.6 Fib support, accompanied by bearish RSI and MACD confirmation, may indicate a bear market, with downside targets at lower support zones. Watch for volume spikes and price action at these levels to confirm the trend.
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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.