And there we go, price has reached the 2,618 fibonacci extention target.
from most cases, the 2,618 ratio tells us two things: 1) The fact that price can reach the 2,618 ratio shows how strong the trend is. 2) 2,618 tends to be the final target, which has a high tendency to reverse from when reached.
The Stochastic is at an oversold level, with the volume declining despite price rallying further.
Very dangerous level to trade here, might take a while, but a correction might be due.
Price unexpectedly broke through both its bearish trendline and FVG. This signals that the bullish trend is still impulsive.
Seeing how strong price is right now, there's a big chance BTC will continue to head on higher towards the 1,618 fibonacci extension level as the target.
However, the ideal entry zone would be the previous bearish FVG, which has now turned into support.
La capitalizzazione di mercato delle altcoin, OTHERS, ha appena mostrato un raro segnale di bottom e rally, il golden cross stocastico nel timeframe mensile.
Questo segnale si è verificato solo due volte negli ultimi 2 anni, ogni volta ha seguito un rally corto.
Non sto dicendo che sia in arrivo una altseason, ma un rally corto è sicuramente in gioco, a patto che la storia si ripeta.
Anche se Bitcoin è attualmente in un mercato orso, con l'incertezza geopolitica che aggiunge ulteriore rischio, gli emittenti di ETF BTC hanno acquistato enormi quantità di Bitcoin.
Negli ultimi 8 giorni, ETF giganti come IBIT e ARKB hanno comprato Bitcoin per un valore di $2 miliardi.
Questa è probabilmente la ragione principale per cui BTC sta attualmente sovraperformando l'S&P 500 da quando è scoppiata la guerra tra Stati Uniti e Iran.
Price is slowly compressing further into the lower part of the bullish channel, because of that, the 0,618 fibonacci level has been out of the picture.
From here, it's a make or break it kind of situation, either BTC can continue higher or break below the bullish trendline.
Unexpectedly, price broke through the resistance zone I marked and has continued to move along its bullish channel.
Now, with new level, the FVG is the next support level for BTC.
I'm not going to say where the local top will be as it'll be too much of a gamble, but one thing is for sure, that FVG is the closest support level for now.