Bitcoin might be approaching a Turning Point. Here’s what I’m seeing on the weekly chart:
- Price is moving inside an ascending Fibonacci channel.
- It’s getting close to the 1.60 (160%) extension level, which has acted as a reversal zone before.
- At the same time, the RSI is showing a clear negative divergence, suggesting that momentum is weakening.
These signs combined could mean we’re not far from a significant correction.
Nothing is confirmed yet, but it’s a setup worth keeping an eye on.
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