Bitcoin retraced down to 76573 usd and this is just below the 2.272 fib extension line at 78930.
Previously, PA had dropped to this area at 78187 on 28 Feb
We can slao see how on 9th Nov 2024, PA has found this line ot be resistance but managed to break through, leading to the cueent ATH
This is why we really do not want to loose this area as support and I believe th ebulls will try and keep it best they can
However, the Bears are out in Force in many forms.
To aid the Bulls, we have Pa oversold in many time frames on RSI and MACD
This could give support while we continue to wait for the weekly MACD to reset to Neutral
We have a few more weeks to wait and so the question is, can the Bulls hold up ?
For me, now we have hit what I hope is the Bottom rung of the ladder in this Range, we now Bounce up higher - But this will not h appen untill tomorrow maybe, which is when we get the USA inflation data, pointing towards interest rate decisions.
Which I believe will not get cut anymore this year...But that is OK - it is stable.
But we have to wait and see how PA reacts.
Be on huiard and Cautious.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.