BTC push to 124.000€
Current Price
The price is currently near the 0.236 Fibonacci level on the spiral, suggesting it is approaching a resistance zone.
Trend:
The overall market structure is bullish, as Bitcoin has been recovering from lower levels in a sustained upward trajectory.
The 1.618 Fibonacci spiral level, located far above the current price, could represent the long-term bullish target if Bitcoin successfully breaks through intermediate resistance levels.
Potential Scenarios:
Bullish Case:
If Bitcoin breaks above the 0.236 Fibonacci resistance decisively, the next targets could align with the 1.0 or 1.618 levels on the spiral. Such a move would likely require strong buying momentum and a pickup in volume.
A bullish continuation would also be supported by maintaining the current trendline and staying above key moving averages.
Bearish Case:
A rejection from the 0.236 level could lead to a retracement toward lower Fibonacci levels, such as 0.382 or 0.5. The 0.618 level could act as a strong support if the downtrend accelerates.
A failure to hold the diagonal trendline would invalidate the bullish structure and potentially signal a deeper correction.
Likely Movement:
Given the current position near a significant resistance zone, a short-term consolidation or pullback is plausible unless strong bullish momentum emerges. A breakout above the current level would signal a continuation of the uptrend, with potential targets toward the higher Fibonacci spiral levels.
BTCUSDT.P
The price is currently near the 0.236 Fibonacci level on the spiral, suggesting it is approaching a resistance zone.
Trend:
The overall market structure is bullish, as Bitcoin has been recovering from lower levels in a sustained upward trajectory.
The 1.618 Fibonacci spiral level, located far above the current price, could represent the long-term bullish target if Bitcoin successfully breaks through intermediate resistance levels.
Potential Scenarios:
Bullish Case:
If Bitcoin breaks above the 0.236 Fibonacci resistance decisively, the next targets could align with the 1.0 or 1.618 levels on the spiral. Such a move would likely require strong buying momentum and a pickup in volume.
A bullish continuation would also be supported by maintaining the current trendline and staying above key moving averages.
Bearish Case:
A rejection from the 0.236 level could lead to a retracement toward lower Fibonacci levels, such as 0.382 or 0.5. The 0.618 level could act as a strong support if the downtrend accelerates.
A failure to hold the diagonal trendline would invalidate the bullish structure and potentially signal a deeper correction.
Likely Movement:
Given the current position near a significant resistance zone, a short-term consolidation or pullback is plausible unless strong bullish momentum emerges. A breakout above the current level would signal a continuation of the uptrend, with potential targets toward the higher Fibonacci spiral levels.
BTCUSDT.P 
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.