Bitcoin is currently testing a key support level around the 200-day moving average at 
83K, aligning with the 0.5 Fibonacci retracement level. This has led to a phase of sideways consolidation. A decisive break below the Weekly EMA21 could indicate a potential shift toward a bearish trend, while maintaining support above it may trigger a bullish rebound.
Historically, whenever Bitcoin has formed a Hammer Candlestick on the Weekly timeframe, the price has shown bullish momentum, although current trading volume differs from previous instances.
Despite the uncertainty, the 0.5-0.618 Fibonacci range remains a strong support zone, increasing the chances of a mid-term bullish reversal. Given the current price action, Bitcoin is likely to consolidate between $80K and $95K in the short term until a breakout establishes the next major trend.
83K, aligning with the 0.5 Fibonacci retracement level. This has led to a phase of sideways consolidation. A decisive break below the Weekly EMA21 could indicate a potential shift toward a bearish trend, while maintaining support above it may trigger a bullish rebound.Historically, whenever Bitcoin has formed a Hammer Candlestick on the Weekly timeframe, the price has shown bullish momentum, although current trading volume differs from previous instances.
Despite the uncertainty, the 0.5-0.618 Fibonacci range remains a strong support zone, increasing the chances of a mid-term bullish reversal. Given the current price action, Bitcoin is likely to consolidate between $80K and $95K in the short term until a breakout establishes the next major trend.
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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.