$47K Resistance Level

9 בינו׳ 2024

➔ In the weekly timeframe, Bitcoin is currently on the verge of a major challenge as it approaches the key resistance level of $47,000. This level, along with an ascending channel currently acting as a strong resistance, is exerting significant pressure on the price. This combination of resistances, especially considering the upper boundary of the ascending channel, is a pivotal point for the future price movement of Bitcoin.
If these resistances are broken, Bitcoin is expected to reach the next resistance level around $49,800. This level, slightly higher than the current resistance, could be the next stage of challenge for the bullish trend.
However, if Bitcoin fails to break through these two resistance levels, we might see a retracement back to the key support level around the 2.618 Fibonacci weekly area ($43,000 level). This decrease in price could lead to reaching the bottom of the ascending channel, which will be another significant support point for Bitcoin.
Additionally, we expect that significant news to be released tomorrow will have a considerable impact on price volatility.

This analysis is informational, not financial advice.

11 בינו׳ 2024

הערה

The most credible support levels for Bitcoin at present are around the $43,500 mark, followed by the $40,900 range. There is a high probability of these two support levels being retested. It should be noted that a breach of the Fibonacci 0 line would serve as a confirmation of this pattern. Following this, we can anticipate a rise in price, contingent on the reaction to these price levels.

13 בינו׳ 2024

הערה

• Bitcoin has been moving as we predicted earlier.

• If you look at its daily chart, you will notice that Bitcoin has reached the upper boundary of its upward trend channel and has started to decline.

• The $43,500 support level, which we had identified as an important level to watch, has now been breached.

• Currently, Bitcoin's price is situated below the first level of the daily Fibonacci lines.

• We expect that after breaking through the second support level we projected, around $40,900, Bitcoin’s price might fall to the bottom of the upward trend channel.