Global analysis of the Bitcoin market
On the daily logarithmic chart, Bitcoin price formed a pattern - a descending wedge. Now there is a retest of the upper limit. If buyers can get a foothold above it, combined with fundamentals like a Fed rate cut, it could lead to a new bullish high, as was the case in previous post-halving cycles. Otherwise, if BTC price fails to break out of the wedge pattern, we will expect a decline to retest the limit. Lowest in the imbalance zone area - 55,000 4
60,000
Above the current ATH we no longer have resistance levels based on historical data. Therefore, to set growth targets, we will use trend lines, Fibonacci extension levels and analyze the accumulations of large blocks of orders in our order books. We have a local upward trend line valid as of November 2023. It can be tested at the level of 75,000 - 76,000, which is confirmed by a large block. Of pending orders. Above in the 80,000 - 90,000 area, there is a global trend line built on the tops of the previous two Bitcoin cycles. There is also the 1.38 Fibonacci extension level. The upper trend line is located in the range of 1.61 - 1.78 Fibonacci levels and can...
His test starts from level 100,000.
