BITCOIN $19,000 and BITSTAMP Channel Broker Weight: BTCUSD by TradingShot – Technische Analyze – 2022-11-24 23:18:13

Since the peak on May 31 and the subsequent sell-off, bitcoin ( BTCUSD ) is trading within the bottom channel pattern. We entered Fibonacci retracement Levels and +/- 0.5 upper and lower extensions, to see potential pressure points/levels.

As you can see, price action has been dominated by the channel average (0.5 fibonacci) so far (including one three days ago), all of which are starting to recover. 1 d RSI And the MACD ( rising Cross sequences) indicate that the current consolidation at 0.5 Fibonacci is similar to that of August 28-September 7. This pattern triggered a pullback stop above the 1D MA50 (blue trend line) and 0.786 Fibonacci retracement. As long as 0.5 Fibonacci is holding, the short-term target is 0.786 Fib.

It is worth noting that the 1D MA200 (orange trend line), which has not broken since December 31, 2021, is now even closer than Channel Down. Likely to test a close above 1.5 Fibonacci extension from the channel. On the other hand, two consecutive closes below 0.5 could directly target 0.236 Fibonacci, even the bottom of the channel.

any way you think bitcoin will break for the first? The upper or lower part of the channel? Let me know in the comments section below!

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