BTC in sideways channel
After the recent consolidation in BTC's price, we've seen price action move sideways for the past few weeks now.
Applying a Fibonacci retracement/extension, we see the key 50% levels (roughly 12,629 and 15,535 respectively) have acted as support and resistance over the past few weeks, breaking the 50% extension (resistance) once but then retracing.
The trend line (blue) has also been quite resilient, and it is possible that (in conjunction with a cross between the 100 and 200 hour moving averages [red and yellow MA lines]) we could perhaps see further upside towards the resistance level once again.
Applying a Fibonacci retracement/extension, we see the key 50% levels (roughly 12,629 and 15,535 respectively) have acted as support and resistance over the past few weeks, breaking the 50% extension (resistance) once but then retracing.
The trend line (blue) has also been quite resilient, and it is possible that (in conjunction with a cross between the 100 and 200 hour moving averages [red and yellow MA lines]) we could perhaps see further upside towards the resistance level once again.
Disclaimer
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.