For the second time, Bitcoin has failed to confidently break the $50k - $50.5k area. However, with the total market cap making new highs as we speak, I'm expecting this bearish reversal to be of a short duration.
Using the Fibonacci retracement tool, I've indicated an area of reversal where I expect Bitcoin to reverse the current bearish move and go back to $50k, ideally breaking it in the next 24 hours.
A more bearish scenario would be for the price to fall further and reach the $46.8k - $46.5k area of support. I'm not expecting Bitcoin to get below this support just yet.
For the bullish case, the main target for the move would be $52k, potentially higher if we get a lot of momentum.
Happy trading!
Using the Fibonacci retracement tool, I've indicated an area of reversal where I expect Bitcoin to reverse the current bearish move and go back to $50k, ideally breaking it in the next 24 hours.
A more bearish scenario would be for the price to fall further and reach the $46.8k - $46.5k area of support. I'm not expecting Bitcoin to get below this support just yet.
For the bullish case, the main target for the move would be $52k, potentially higher if we get a lot of momentum.
Happy trading!
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