BTCUSD.P Based on an Elliott Wave analysis in the daily chart and using Fibonacci retracement, a potential scenario emerges: Bitcoin could be experiencing a negative price trend, indicating a potential sell-off. In this case, the key levels of 0.618 and 0.5 serve as interesting targets. The level of 0.618 (e.g., at 29583.5) could act as resistance, while the 0.5 level (28111.8) could be significant support. If Bitcoin reaches these levels, there is a possibility of a price reversal or consolidation.It's important to note that this analysis represents one possible scenario and does not guarantee future price movements. Trading Bitcoin involves volatility and risks. Therefore, it is advisable to consider additional information and indicators to make informed trading decisions. Comprehensive market analysis and proper risk management are essential to protect your investments.
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.
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.