Technical analysis
1. Ascending channel and current structure:
o Bitcoin (BTC) is trading within an ascending channel after breaking out of a downtrend. The current price is around $68,521 and the $69,117.88 (0 Fibonacci) level is an important resistance. A breakout of this level could lead to further gains.
2. Fibonacci correction and extension levels:
o 0.5 Fibonacci ($64,019.50): Support in case of correction.
o 0.62 Fibonacci ($62,795.89): Next support level.
o 0.705 Fibonacci ($61,929.16): Strong support level.
o 0.79 Fibonacci ($61,062.44): Last support zone before a possible strong decline.
o 1 Fibonacci ($58,921.12): Significant support level.
o 1.618 Fibonacci ($52,619.52): Key support level for deep correction.
o Fibonacci Extension: $71,871.01, $75,439.87 and $79,314.64 are the target levels for further growth.
3. Support and resistance levels
o Support:
$64,019.50 (0.5 Fibonacci)
$62,795.89 (0.62 Fibonacci)
$58,921.12 (1 Fibonacci)
Additional: $53,026.06 and $50,557.40
o Resistance:
$69,117.88 (0 Fibonacci)
$71,871.01 (Fibonacci extension)
$75,439.87 and $79,314.64 (high targets)
4. RSI
o The current RSI level is 58.37, which indicates neutral to bullish sentiment. If the RSI rises above 60, it may signal further gains.
5. Volumes and volume profile
o The main volume zone in the range of $64,000 - $68,000 indicates possible consolidation before the move. Support is at $43,670.
Potential scenarios
1. Bullish scenario:
o A break of $69,117.88 would lead to targets at $71,871.01 and above, confirming the uptrend.
2. Bearish scenario:
o In case of a rollback below $64,019.50, a correction to $53,026.06 or $50,557.40 is possible.
Summary
#BTC is at a key resistance level with potential for further growth if broken.
