Technical analysis by robertofdz04 about Symbol BTC: Sell recommendation (7/8/2024)

1. **Bitcoin Region 48,800 as the Absolute Bottom**: - The 0.618 Fibonacci retracement level, also known as the golden zone, is a key area where significant support often occurs. - Based on this analysis, 48,800 is identified as the absolute bottom, suggesting a strong support level at this price point.2. **Short-Term Consolidation Around 50,000**: - Bitcoin is expected to consolidate around 50,000, which often happens as the market digests recent price movements and traders establish positions. - This consolidation phase could build the momentum needed for the next upward move.3. **Next Move Up to 95,000 and 110,000**: - After the consolidation phase, a significant upward move is anticipated. - The first major target is 95,000, followed by a further move up to 110,000. - These targets could be based on historical price patterns, market sentiment, and other technical indicators.This thesis combines both Fibonacci retracement levels for support identification and potential future price targets, providing a comprehensive outlook for Bitcoin's price action.