BITCOIN TECHNICAL ANALYSIS

BITCOIN  TECHNICAL ANALYSIS

Firstly, The analysis I have done is definitely not an investment recommendation. Consider this analysis as an educational study.

-I created the chart daily.


-According to the graph I have created, this closing price of bitcoin is $ 4699.6. 

-It appears that the bitcoin is on the ascending trend on the chart.

-Blue trend lines indicate the rising trend of bitcoin.

-The horizontal lines on the graph are the degrees of fibonacci support and resistance of the post-peak correction motion of the bitcoin.

-This current closing price touches the top of the ascension channel, which has exceeded the resistance of bitoin fibo 0.5

-If bitcoin crosses the channel top and closes daily on this site, it will first target fibo 0.618 resistance. It is $ 4955.6

-It should not be forgotten that fibo 0.618 resistance is a strong resistance.

-But if the fibo 0.618 resistance is passed in a strong way, the new channel top will be a new target of $ 5,700.

-What I have mentioned so far is the possibilities that may apply to the favorable conditions of the market.

-Considering the adverse conditions, if the bitcoin hangs below the level of fibo 0.5. It’s next target is the $ 4200.6 support, which is at fib0 0.382 level.

-The fibo is a weaker support than the 0.382 level fibo 0.618 level.

-Under this support, the channel can target the level of $ 4100.

* Hope is a useful content for you.

* THANK YOU SO MUCH.

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