Bitcoin is testing its first major Fibonacci resistance level, a key moment for its price action.
A breakout above this level could lead Bitcoin toward the $155,000 resistance area.
Traders should monitor the next key resistance zones, including $155,000, for further price direction.
Bitcoin now stands at an important phase of its pattern as the price will attempt to spike towards the first key fibonacci level. It is worthy of note that the price level has become a level of interest for trader and analysts as break above this levels can confirm more y uplift in price. If BTC successfully breaks through this level, there is the next important level near $155k.
The Fibonacci Levels' Relevance
Fibonacci retracement levels together with its related indicators and charts can be used by traders to find out possible patterns or levels of reversal or important resistance or support levels in the price of assets. In the case of Bitcoin, the first most significant Fibonacci resistance area is a critical level that will decide the future of the current price surge.
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A breakout above this level would point that Bitcoin is on its way to possibly the next level of resistance around $155,000. These levels are convenient in navigation but can also state that the price bars can move sharply even within those levels and slight fluctuations are potentially large.
What a Breakout Could Mean for Bitcoin with The Next Key Levels
If Bitcoin price slips past the current price levels, approaching and breaking the Fibonacci resistance; It's possible to go even higher as it approaches the $155,000 resistance level. These traders are particularly observing these conditions to see a clear breakout as this might mean that the bulls are in control and hence may lead to appreciation of the stock price. But it is also useful to watch for signs of rejection of the price, which can indicate that the level of resistance at the moment is unbreakable.
The next major boundaries which will be challenged upon Bitcoin price after the $155,000 resistance area will be around $160,000. Still, traders can’t disregard the possibility of temporary pullbacks or consolidation periods as Bitcoin has not yet completed the walking through these important price levels.
The post Bitcoin’s Path to $155K: How the Fibonacci Resistance Will Shape the Next Move appeared first on Crypto News Land.
