Crypto Emad
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Will $BTC survive the slip? All eyes on the 0.5 Fibonacci and the 1D MA100!
The price is retreating towards a critical area at 112 thousand after breaking the MA50 for the first time in two years.
Now, it faces a critical test at the 100-day moving average, which also coincides with the 0.5 Fibonacci level from the recent upward wave.
Interestingly, this very level was a rebound point last June, representing the previous higher low within the ascending channel.
If it is maintained, we could witness a new upward wave targeting the Fibonacci extension of 1.5 near 140 thousand.
But if it breaks? It could open the door for further correction.
Bitcoin is dancing on the edge… will this be the last bottom before the breakout?
Follow us on channel #CryptoEmad
#Bitcoin #BTC #CryptoAnalysis #TechnicalTrading
The price is retreating towards a critical area at 112 thousand after breaking the MA50 for the first time in two years.
Now, it faces a critical test at the 100-day moving average, which also coincides with the 0.5 Fibonacci level from the recent upward wave.
Interestingly, this very level was a rebound point last June, representing the previous higher low within the ascending channel.
If it is maintained, we could witness a new upward wave targeting the Fibonacci extension of 1.5 near 140 thousand.
But if it breaks? It could open the door for further correction.
Bitcoin is dancing on the edge… will this be the last bottom before the breakout?
Follow us on channel #CryptoEmad
#Bitcoin #BTC #CryptoAnalysis #TechnicalTrading
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