๐ *Bitcoin is facing rejection* right at the *2nd Fibonacci retracement level* โ a key technical zone many traders watch.
๐ *Current Price:* 117,474.09
๐ข Fibonacci retracement levels help identify potential reversal or pullback areas based on the previous major move.
In this case, BTC's rejection here could mean:
โ ๏ธ *Short-term pressure or pullback*
๐ Possible consolidation between support zones
๐ฏ๏ธ Bears may try to push price toward lower Fib levels (e.g. 0.382 or 0.5)
๐ However, if bulls hold momentum and flip this level into support, we could see:
๐ Retest of120K+
๐ฏ Continuation toward next major resistance zone (possibly around $125K)
๐ก *What to watch:*
- RSI & volume confirmation
- Reaction to key moving averages
- BTC dominance (for clues on altcoin strength)
๐ *Risk Management Tip:*
Place stop-losses under nearest strong support in case the rejection turns into a deeper correction.
๐ง Remember: Fibonacci is a tool โ not magic. Price reacts, but macro trends and market sentiment still lead the way.