Bitcoin | LTF

Following the 9% drop experienced last week,#Bitcoinrose to $96,000 after receiving a reaction from the $90k support.

The first resistance followed in returns from the bottom is the fibo 0.618 level. Those who catch the bottom usually sell profits at this level, while those who cannot catch it try shorting at this resistance.

Therefore, it will be very important to exceed the 0.618 resistance of 96,500 in order for the rise to continue 👇

We saw a similar example of this last month when the $60k support received a reaction.

Following the reaction from the support, the price rose to the fibo 0.618 resistance and then fell below the support once again by being rejected from 0.618 👇

As of now, we can say that the price is in a very critical region. If there is a second correction like the 9% drop experienced last week, we may be rejected at this level.

Since the main trend is still positive, I definitely do not open short transactions according to this scenario and do not make any changes to my long-term transactions.

I only take profit from my short-term transactions and keep my portfolio risk low by not opening new transactions before this resistance is broken. In order to open new transactions and increase the risk, it would be healthier to see that the Fibo 0.618 resistance is broken first.

I wanted to share this structure with you, my friends, both as an educational content and to give an idea about the current outlook.

Let's follow the Fibonacci 0.618 resistance closely⏰