For the second time, Bitcoin has failed to confidently break the $50k - $50.5k area. However, with the total market cap making new highs as we speak, I'm expecting this bearish reversal to be of a short duration.
Using the Fibonacci retracement tool, I've indicated an area of reversal where I expect Bitcoin to reverse the current bearish move and go back to $50k, ideally breaking it in the next 24 hours.
A more bearish scenario would be for the price to fall further and reach the $46.8k - $46.5k area of support. I'm not expecting Bitcoin to get below this support just yet.
For the bullish case, the main target for the move would be
52K, potentially higher if we get a lot of momentum.
Happy trading!
Using the Fibonacci retracement tool, I've indicated an area of reversal where I expect Bitcoin to reverse the current bearish move and go back to $50k, ideally breaking it in the next 24 hours.
A more bearish scenario would be for the price to fall further and reach the $46.8k - $46.5k area of support. I'm not expecting Bitcoin to get below this support just yet.
For the bullish case, the main target for the move would be
52K, potentially higher if we get a lot of momentum.Happy trading!
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.