FREE BITCOIN ANALYSIS
How the BTC consolidation will end up
- Yello, ladies and gentlemen !
Looking at the mid-term Bitcoin price action, we can point out the support and resistance levels. The support has been formed at $44,226, which initially was an 88.6% Fibonacci resistance, now acting as the demand level. The resistance was formed at $48,195, where BTC/USDT bounced off the top of the ascending channel.
Considering higher highs and higher lows patterns, the probability favors a continuation of an uptrend. But, for this scenario, we must see a daily close above the resistance.
The lower probability scenario tells us, that a break below the support might weaken the buying pressure. In this case, we are likely to see an ABC corrective pattern.
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