TUG-OF-WAR on Bitcoin between bullish and bearish forces
Bitcoin indicates a bullish sentiment as it rebounds from the Fibonacci 0.382 level at approximately $51400, suggesting an upward trajectory. The presence of green dots on the Market Cipher B indicator reinforces this outlook, indicating increasing bullish momentum. If the upward momentum continues, we could see a test of the $52000 resistance level, aligning with the 0.618 Fibonacci retracement of the larger range. A decisive break above this could target the $52500 zone, with potential extensions towards $52800 if the 1.414 Fibonacci level is considered. Conversely, a drop below $51400 could signal a bearish shift, potentially leading to a retracement towards the $50600 support level. Overall, the chart portrays a tug-of-war between bullish and bearish forces, with the next move likely to be determined by continued momentum and volume validation.
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