Jean_Wendell
@t_Jean_Wendell
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Bitcoin is currently testing a key support level around the 200-day moving average at 83K, aligning with the 0.5 Fibonacci retracement level. This has led to a phase of sideways consolidation. A decisive break below the Weekly EMA21 could indicate a potential shift toward a bearish trend, while maintaining support above it may trigger a bullish rebound.Historically, whenever Bitcoin has formed a Hammer Candlestick on the Weekly timeframe, the price has shown bullish momentum, although current trading volume differs from previous instances.Despite the uncertainty, the 0.5-0.618 Fibonacci range remains a strong support zone, increasing the chances of a mid-term bullish reversal. Given the current price action, Bitcoin is likely to consolidate between 80K and 95K in the short term until a breakout establishes the next major trend.
Bitcoin is currently testing a key support level around the 200-day moving average at 83K, aligning with the 0.5 Fibonacci retracement level. This has led to a phase of sideways consolidation. A decisive break below the Weekly EMA21 could indicate a potential shift toward a bearish trend, while maintaining support above it may trigger a bullish rebound.Historically, whenever Bitcoin has formed a Hammer Candlestick on the Weekly timeframe, the price has shown bullish momentum, although current trading volume differs from previous instances.Despite the uncertainty, the 0.5-0.618 Fibonacci range remains a strong support zone, increasing the chances of a mid-term bullish reversal. Given the current price action, Bitcoin is likely to consolidate between 80K and 95K in the short term until a breakout establishes the next major trend.
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