Bitcoin is currently consolidating around $107,000 after a strong rally from the ~$73,000 region. I'm using Fibonacci extensions and key support/resistance levels to anticipate potential continuation targets and pullback zones.
Technical Analysis:
Fibonacci retracement levels from previous move:
0.786 – ~$102,359 → strong local support
0.618 – ~$96,382
0.5 – ~$92,185
Current price: ~$106,990
Key resistance: ~$109,971 (Fib 1.0 level)
Potential bullish targets:
1.618 extension → ~$131,956 (medium-term target)
2.618 extension → ~$167,530 (long-term projection)
Bullish Scenario:
If BTC holds above the $102K–$104K area, we could see continuation towards $110K, followed by a breakout toward $132K (1.618 Fib). The structure remains bullish as long as higher lows are maintained.
Bearish Scenario:
A break below $102K opens the door for a deeper retracement toward $96K or even $92K, which aligns with 0.618 and 0.5 Fib levels, respectively.
Conclusion:
Bitcoin is sitting at a critical point. A short-term dip might offer a strong buy-the-dip opportunity. The market structure still favors the bulls unless key support levels are broken.
Technical Analysis:
Fibonacci retracement levels from previous move:
0.786 – ~$102,359 → strong local support
0.618 – ~$96,382
0.5 – ~$92,185
Current price: ~$106,990
Key resistance: ~$109,971 (Fib 1.0 level)
Potential bullish targets:
1.618 extension → ~$131,956 (medium-term target)
2.618 extension → ~$167,530 (long-term projection)
Bullish Scenario:
If BTC holds above the $102K–$104K area, we could see continuation towards $110K, followed by a breakout toward $132K (1.618 Fib). The structure remains bullish as long as higher lows are maintained.
Bearish Scenario:
A break below $102K opens the door for a deeper retracement toward $96K or even $92K, which aligns with 0.618 and 0.5 Fib levels, respectively.
Conclusion:
Bitcoin is sitting at a critical point. A short-term dip might offer a strong buy-the-dip opportunity. The market structure still favors the bulls unless key support levels are broken.
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.