Greetings, friends,
Based on the weekly analysis presented to you, we can see that the price has reached the PRZ (Potential Reversal Zone) of the Fibonacci and has shown a reaction to this level.
Currently, the price is within a triangle pattern that could also evolve into a rising wedge. Considering the liquidity trendline formed above the 86,000 level, and the fact that within the next two days, we will reach a higher time frame Fibonacci time zone, the 94,000 to 95,000 range could act as a strong reversal point. This might pull the market down temporarily to provide liquidity or even lead to a broader correction (due to reaching the top of the weekly channel).
For this scenario to fail, Bitcoin needs to break above the 95,000 level decisively with strong volume and momentum, paving the way to the 110,000-dollar target.
Based on the weekly analysis presented to you, we can see that the price has reached the PRZ (Potential Reversal Zone) of the Fibonacci and has shown a reaction to this level.
Currently, the price is within a triangle pattern that could also evolve into a rising wedge. Considering the liquidity trendline formed above the 86,000 level, and the fact that within the next two days, we will reach a higher time frame Fibonacci time zone, the 94,000 to 95,000 range could act as a strong reversal point. This might pull the market down temporarily to provide liquidity or even lead to a broader correction (due to reaching the top of the weekly channel).
For this scenario to fail, Bitcoin needs to break above the 95,000 level decisively with strong volume and momentum, paving the way to the 110,000-dollar target.
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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.
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.