Traders, please find below a comprehensive overview of key Bitcoin levels for strategic consideration.
1D:
Resistance
The price level of the January low (89.3k) acts as a significant horizontal resistance.
The 78.6% Fibonacci retracement level, drawn from the swing high of $93k to the swing low of $76.6k, sits right in line with the January Low.
This trendline has consistently failed to break since the $109.4k top and gives additional resistance in the 89.3k area.
Support:
The price zone between $85.2k and $84.2k presents a critical area of interest. This zone contains the 200-day Simple Moving Average at $85.2k, the 50% Fibonacci retracement from the $93k top to $76.6k swing low at $84.8k, and the 38.2% Fibonacci retracement from the $76.6k bottom to the $88.8k peak, which coincides with a pivotal support/resistance level at $84.2k
H4:
Resistance
The confluence of the previous high ($88.3k Closing/$88.8k Overall) and the ascending channel resistance line right in the key area of $89.3k creates a significant resistance zone for Bitcoin on the 4-hour timeframe.
Support:
The previous range high, coupled with the 38.2% Fibonacci retracement ($83.7k - $88.8k swing), provides initial support. The critical $84.8k - $84.2k zone, marking the ascending channel's line in the sand, features confluence from the 78.6% Fibonacci retracement, channel support, and the key support/resistance level of the two-week range.
1D:
Resistance
The price level of the January low (89.3k) acts as a significant horizontal resistance.
The 78.6% Fibonacci retracement level, drawn from the swing high of $93k to the swing low of $76.6k, sits right in line with the January Low.
This trendline has consistently failed to break since the $109.4k top and gives additional resistance in the 89.3k area.
Support:
The price zone between $85.2k and $84.2k presents a critical area of interest. This zone contains the 200-day Simple Moving Average at $85.2k, the 50% Fibonacci retracement from the $93k top to $76.6k swing low at $84.8k, and the 38.2% Fibonacci retracement from the $76.6k bottom to the $88.8k peak, which coincides with a pivotal support/resistance level at $84.2k
H4:
Resistance
The confluence of the previous high ($88.3k Closing/$88.8k Overall) and the ascending channel resistance line right in the key area of $89.3k creates a significant resistance zone for Bitcoin on the 4-hour timeframe.
Support:
The previous range high, coupled with the 38.2% Fibonacci retracement ($83.7k - $88.8k swing), provides initial support. The critical $84.8k - $84.2k zone, marking the ascending channel's line in the sand, features confluence from the 78.6% Fibonacci retracement, channel support, and the key support/resistance level of the two-week range.
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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.
Related publications
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.