BTC Technical Analysis 10/11
After yesterday's CPI news was not good,
- At the confluence zone, BTC price still held well even though yesterday's CPI news had BTC sliding down to 58,900, but at 7am today when closing, it was at 60,312, pulling its legs above the 200-day EMA, (200-day EMA is favorable)
BTC's bullish structure remains the same.
Fibonacci measured from the lowest bottom of 49,600 to the peak of 73,400, yesterday's candle wick of 58,900 touched the fibo 0.618 (this area is the golden ratio favored by whales) and the price reacted very well when touching this area when closing the candle at 60,312.
From there, it shows that btc is still in an uptrend, and sustainable (remember, we are almost in mid-October 2024, there is no more increase at this time, just put in the goods and lie still, jumping in and out randomly.)
