Xiden I Bitcoin consolidation before next move!
Bitcoin tested the 18k area and fell to our current consolidation zone which is trading between 16.5k and 16.8k USD(T).
We might form a support here at the .618 area, which is the most important Fibonacci zone.
A break and close below this zone will probably send BTC lower to the next support zone - around 16k.
If price manages to close above 16.8k on the 4H candle, we will most likely retest the previous trend line and fib zone, with a target range from: 17.3k to 17.5k
If you liked this idea or if you have your own opinion about it, please write it in the comments ^^
We might form a support here at the .618 area, which is the most important Fibonacci zone.
A break and close below this zone will probably send BTC lower to the next support zone - around 16k.
If price manages to close above 16.8k on the 4H candle, we will most likely retest the previous trend line and fib zone, with a target range from: 17.3k to 17.5k
If you liked this idea or if you have your own opinion about it, please write it in the comments ^^
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