The chart depicts the $BTC Perpetual Futures Contract (4-hour timeframe) and highlights potential price movements with Fibonacci retracements. Here's the analysis:
Current Price: $95,702.3
Key Levels:
Support Zone: Around $94,000 to $93,000 (critical Fibonacci 0.618 to 0.786 retracement levels).
Bullish Rebound Target: A potential bounce towards $100,000 to $105,000 if support holds.
Scenario: The price is expected to retest the lower support zone before potentially rebounding sharply towards the upward targets, indicated by the blue arrow.
Outlook:
The 0.618 Fibonacci level serves as a strong support, and holding this level would confirm bullish continuation towards the $100,000+ target range. A breakdown below $93,000 may invalidate this setup.
