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Bitcoin Fibonacci levels 9/22/24Key Observations: 1. Price Level: Bitcoin is currently trading at $62,913, according to the chart. 2. Fibonacci Levels: 0.236: Around the $65,000 range, which has acted as a minor resistance. The price failed to break above this level multiple times after touching it. 0.382: Located near $60,000, which appears to have served as support in recent movements. It has acted as a consolidation zone. 0.618 and 0.786: These levels, roughly around $57,000 and $54,000, represent strong areas of support. The price previously reversed after dipping near these points, indicating buying interest. 1.618 and 2.618: These extension levels are positioned at $44,000 and $30,000. The 1.618 extension shows potential support if there is a more significant drop. If Bitcoin breaks below $50,000, we could see a move toward these levels. Interpretation of Price Action: Current Position: The price appears to be testing key resistance at the 0.236 Fibonacci level. If Bitcoin breaks and closes above this level, it could signal further upside potential, possibly moving toward the $65,000-$70,000 range. Support Levels: If the price fails to maintain the current level, a retracement to the 0.382 Fibonacci level ($60,000) seems likely. Should the price break lower, it may test the 0.618 ($57,000) and 0.786 ($54,000) support levels, where buying pressure could help stabilize the market. Downside Risk: If the price continues declining and breaks through the 0.618 Fibonacci level, we could see a sharper drop toward the 1.618 extension at around $44,000. In extreme bearish cases, the price could head toward the 2.618 extension at $30,500. Possible Scenarios: 1. Bullish Case: If Bitcoin breaks through the 0.236 resistance and continues upward momentum, we might expect a rally toward the previous high levels around $68,000 or even beyond. A sustained break above 0.236 could indicate renewed bullish sentiment, potentially driving the price back into an upward trend. 2. Bearish Case: Failure to break above the 0.236 level could result in further consolidation or even a drop toward the 0.618 level. Breaking below the 0.618 could bring a bearish sentiment, leading to a steeper correction toward $44,000 or lower. In summary, Bitcoin is currently at a critical juncture between resistance at the 0.236 level and support at the 0.382 and 0.618 levels. How the price reacts at these Fibonacci levels in the coming days could determine whether we see a continued bull run or a more significant correction.
BITSTAMP:BTCUSD
by ILL_Midas
BTCUSD Weekend Outlook - Same Targets, Watch for CorrectionsGM crypto bro's, happy weekend! This morning, the Fear and Greed Index remains in the neutral zone, sitting at 54. Overall, today's market update is pretty much the same as yesterday. The next potential target for BTC is still 65K - 66K. Keep in mind, the market is dynamic—don’t get FOMO, and always be cautious of potential corrections because anything can happen. Always manage your risk. That’s it for today’s crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
BTCUSD Daily Outlook - Correction or Pump? Next MovesGM crypto bro's! This morning, BTC is back to the 62K range after previously hitting around 63K. The Fear and Greed Index is in the neutral zone, sitting exactly at 54, while the stoch RSI remains in the overbought zone. Today's market update shows potential for a small correction to the 61K range or maybe lower, but the potential pump target is still around 65K - 66K. Keep in mind, the market is dynamic, don't get FOMO. Anything can happen, so always manage your risk. That's it for today's crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
Bitcoin September 19th 2024 This chart shows the weekly price action of Bitcoin (BTCUSD) from 2021 to 2024, with projections extending into mid-2025. The current price is approximately $63,458, and Bitcoin appears to be consolidating after a strong recovery from its 2022 lows. Let’s analyze the chart's key features and consider how recent Federal Reserve rate cuts may impact Bitcoin’s price in the future. Key Observations: 1. Price Level: Bitcoin is currently trading at $63,458.71, representing a significant recovery from its 2022 low near the $17,000 level. The chart shows a period of consolidation in the $60,000 to $65,000 range after a strong bullish run starting in 2023, suggesting that the market is pausing before its next move. 2. Moving Averages: The chart displays three key moving averages: A short-term moving average (yellow), A mid-term moving average (green), and A long-term moving average (white). The short-term and mid-term moving averages are trending upwards and have crossed above the long-term moving average. This "golden cross" is a bullish signal that typically indicates the continuation of an uptrend. Currently, the price is sitting slightly above these moving averages, suggesting they are acting as support levels for Bitcoin. 3. RSI (Relative Strength Index) at the Bottom: The indicator at the bottom is the RSI, The RSI measures momentum and potential overbought or oversold conditions. The RSI appears to have been hovering in a relatively neutral range, fluctuating around the midline (50). It does not show extreme overbought (above 70) or oversold (below 30) conditions, but there have been recent attempts to push above 70, which could indicate some bullish momentum. If the RSI continues to climb above 70, Bitcoin could enter an overbought zone, signaling a potential correction or consolidation. 4. Historical Context: In mid-2022, Bitcoin entered a bearish period, with a significant drop from previous highs. This was likely exacerbated by rising interest rates, which reduced liquidity and caused risk assets to underperform. The chart shows a strong recovery starting in early 2023, with Bitcoin steadily climbing back to the $60,000 level, likely fueled by improved macroeconomic conditions, including rate cuts and renewed investor interest. Impact of Federal Reserve Rate Cuts: 1. Increased Liquidity and Risk-On Sentiment: When the Federal Reserve cuts interest rates, it typically leads to more liquidity in the market, which benefits riskier assets like Bitcoin. Investors are more likely to seek higher returns in such assets when interest rates are low. The recovery and current consolidation around $63,000 may be a reflection of this dynamic. As money flows back into speculative markets, Bitcoin has benefited from increased buying pressure. 2. Bitcoin as an Inflation Hedge: Bitcoin is often viewed as a hedge against inflation. Lower interest rates can weaken the U.S. Dollar, leading investors to seek alternative stores of value, including Bitcoin. As the Federal Reserve cuts rates and potentially loosens its monetary policy, Bitcoin could see further upside due to this narrative. The RSI’s neutral reading suggests there is room for further price appreciation before reaching overbought levels. 3. RSI and Potential Overbought Conditions: The RSI is currently in a healthy range, with no signs of extreme overbought or oversold conditions. This suggests that Bitcoin’s recent price action is relatively stable and not subject to excessive speculation or panic selling. However, if the RSI moves above 70, it could indicate that Bitcoin is entering overbought territory, which might lead to a pullback or consolidation before the next leg up. This is especially important given the current price consolidation seen on the chart. 4. Outlook and Volatility: The chart shows that Bitcoin has recovered from its 2022 bear market lows, and the moving averages suggest the long-term trend remains bullish. However, volatility is always a concern in the cryptocurrency market. While the RSI does not indicate imminent overbought conditions, the potential for corrections remains, especially if the Federal Reserve changes its stance or if other macroeconomic factors come into play. The $65,000 level represents a key resistance point. If Bitcoin can break through this level convincingly, it may rally toward the $80,000 mark. On the other hand, failure to hold this range could see Bitcoin retesting support in the $40,000–$50,000 area. Conclusion: The recent rate cuts by the Federal Reserve have created a favorable environment for Bitcoin, as evidenced by its recovery and consolidation around $63,000. The technicals suggest that Bitcoin is in a stable uptrend, with moving averages providing strong support. The RSI is not yet signaling overbought conditions, indicating that there may still be room for upward movement. However, caution is warranted, as corrections are always possible, especially if Bitcoin enters overbought territory or if macroeconomic conditions change. The $65,000 resistance level is crucial, and a breakout could lead to new all-time highs, while a failure to maintain this level could see a retracement to lower support zones.
INDEX:BTCUSD
by ILL_Midas
BTCUSD Daily Outlook - Next Targets After Rate CutGM crypto bro's! Finally, the much-awaited 50bps rate cut has happened, and that's one reason why BTC pumped this morning. The Fear and Greed Index has also risen from fear to neutral, sitting at 49. Meanwhile, stoch RSI has returned to its overbought zone. Yesterday, our target was in the 61K - 62K range, and that's been hit today. So, what's next? Based on price action, the next potential zone for BTC could be 65K - 66K. The probability of a correction back to 55K is shrinking, but it's still on the table. Keep in mind, the market is dynamic, don’t get FOMO. Anything can happen, so always manage your risk. That's it for today's crypto update, this is Akki signing off. One chart, one love. Have a nice day!
INDEX:BTCUSD
by x_Akki
BTC updateBTC latest analysis update: This complex scenario will make both bull and bear suffer if they don't play it out phase by phase. I tried to keep it as simple as much possible, once you see the chart you will understand. Invalidation point: If it close 1day above 63k Imagine what people will post once BTC break 48k support! they will call 38k and 42k, it will be fake wick breaking support then head towards 70k zone then final low to 38k not before. But I might be wrong because again this is a complex structure. However, thinking as market maker this will be the perfect scenario to hit both bull and bear. What you guys think?
by Nxgencrypto
1
You might be too optimistic about #BTC!Investors are hopeful that risk assets like Bitcoin could see strong gains if the Federal Reserve cuts interest rates by 50 basis points instead of the previously anticipated 25 basis points. However, Bank of America (BofA) urges caution. They recommend not overreacting to any initial market reaction after the Federal Reserve's September meeting. According to BofA, the real focus should be on the Fed’s dot plot, which could have a bigger impact than the actual rate cut. BofA expects the Fed’s dot plot to show higher interest rate expectations than what the market is currently predicting. Despite this, they believe Fed Chair Jerome Powell will maintain a more cautious, or "dovish," tone in his comments. What is the dot plot? The dot plot is a chart that shows where each Federal Reserve member thinks interest rates will be in the coming years. Each dot represents one member’s view. It's a useful guide for understanding where the Fed members sees interest rates in the future.
BLACKBULL:BTCUSD
by BlackBull_Markets
Bitcoin 9/15/241. Price Movement: The price is currently trading at $59,792.97, with the chart showing recent bullish momentum from early September. The price seems to be facing some resistance around the $60,000 mark, as indicated by the wicks of the recent candlesticks. There's an overall trend of higher lows and higher highs, indicating a bullish trend. 2. Key Resistance Levels: Immediate resistance is around the psychological level of $60,000, which is just above the current price. Breaking and sustaining above this level could lead to a further rally toward $62,000 or more. If rejected at $60,000, we could see a pullback to previous support levels. 3. Support Levels: Key support can be seen around $49,500, as indicated on the right axis of the chart. This is likely the first major level that could catch any downward movement. Another support level around $52,000 is evident from the mid-range of the chart and might serve as a minor support in case of a retracement. 4. Moving Averages: The blue line on the chart likely represents a long-term moving average (200-day MA), indicating that the price is above this level, further supporting the overall bullish trend. The red line could be a shorter-term moving average, possibly the 50-day MA or an Exponential Moving Average (EMA). If the price stays above both these averages, it confirms bullish momentum. 5. Ichimoku Cloud: The cloud (Kumo) in green is below the price, suggesting that the overall trend is bullish. The fact that the price has broken above the cloud is a sign of further upward potential. If the price remains above the cloud and the Tenkan-Sen (red line) and Kijun-Sen (blue line) cross positively, this confirms an ongoing uptrend. 6. RSI (Relative Strength Index): The lower indicator appears to be an RSI, hovering around the midline (likely between 40 and 60). This suggests that the asset is not currently overbought or oversold, providing room for further upward movement. If the RSI pushes above 70, it would suggest overbought conditions, which could lead to a short-term correction. 7. MACD (if applicable): Though not directly visible in the image, the trend of the price action and the consistent upward movement suggests bullish divergence, with MACD (if applied) likely to show positive momentum. Next 24 Hours: Bullish Scenario: If Bitcoin breaks and holds above the $60,000 resistance, it could rally toward $62,000 in the next 24 hours. Momentum indicators like RSI still show room for growth, and the Ichimoku Cloud provides support below. Bearish Scenario: If Bitcoin gets rejected at $60,000, it may pull back to test support around $55,000 to $52,000. In conclusion, Bitcoin is in a bullish trend, but the resistance at $60,000 will be critical in determining whether the price continues upward or experiences a short-term pullback.
INDEX:BTCUSD
by ILL_Midas
Bitcoin: Bullish Back To 64K?Bitcoin has rallied off the 53K support area as anticipated (read my previous article). I even explained my dollar cost averaging strategy particularly for this situation in my previous stream. If 60K is cleared, the next resistance is 64K. The current momentum is now bullish which can be confirmed by the higher low pin bar over the previous week (see arrow). Since higher lows often lead to higher highs, a break of 60K and test of 64K is within reason for the coming week. How you go about using this information all depends on what type of risk you are willing to take. As I demonstrate each week, the time frame you choose is a function of market risk. Smaller time frame strategies like day trades will be associated with much smaller risk (tighter stop) compared to larger time frames like swing and/or position trades. Since the scope of my analysis here is the swing trade time frame, I will explain how best to utilize this information respectively. With the bullish structure as a reference, and bearish inside bar present (previous candle) a minor retrace is likely to follow into a test of support (55 to 56K area) before the next leg higher commences (see illustration). The retrace is NOT guaranteed, but would present an ideal setup IF the scenario were to unfold over the next few days. Price can also just take out the inside bar high (continuation pattern) which can also justify a swing trade position (higher risk). Either way, probability favors a test of 64K UNLESS the low of the higher low structure is cleared. This means support levels are more likely to present reversal opportunities (especially on smaller time frames) while resistances are more likely to be broken. Keep in mind this is NOT about "knowing the future", it is about selecting a likely scenario from a range of scenarios and then adjusting to whichever path the MARKET chooses. If the inside bar high is broken instead, risk can be defined by the current candle low upon the close of the candle. Profit potential can be measure by the 64K area which means 4K points is within reason. Ideally risk should be less than half this amount, but no more than the amount of the profit objective (1:1 reward/risk). Can 64K be cleared as well? Anything is possible, but it is better to keep expectations within reason and ADJUST if price decides to go further. The mistake to avoid is the hype that comes along with a move. "Why" does not matter because by the time you learn "why" a move is occurring, the reason is no longer the catalyst behind the move. Focus on the price structure and the support/resistance levels and you will be ahead of most of the retail trader/investor population. If you are unable to judge the quality of information that you consume, then you will most likely become a profit opportunity for someone who can. Thank you for considering my analysis and perspective.
COINBASE:BTCUSD
by MarcPMarkets
17