"Looking below, the bulls will look to hold $65,650 in order to try to put in the reversal here. $63,000 sits just below here as support. Next, we have $60,000 as newfound support just above the 0.618 Fibonacci retracement at $57,800. Arguably, the true support sits at $57,800 here and was slightly front-run at that $60,000 low. If this level is lost, we will look all the way down to $44,000 for support, then $39,000 at the 0.786 Fibonacci retracement below here."
"The MRI Indicator gave us a buy signal on Friday last week on the daily chart off of the $60,000 low. The move was strong from that level, so the bulls will have to try to capitalize on this bounce to continue the momentum into this week. This signal can produce a full reversal, but often only results in a 1 to 4 candle correction of the trend."
Bitcoin dropped through the $70,000s and $60,000s before finding footing at $60,000, then rallied to $71,700 and closed the week at $70,315. Short-term resistance sits at $71,800, followed by the 0.382 Fibonacci retracement at $74,500, then $79,000 and $84,000. Immediate support is $65,650, then $63,000, with $60,000 now acting as support just above the 0.618 Fibonacci retracement at $57,800; losing $57,800 would open a drop toward $44,000 and $39,000 (0.786). The MRI Indicator produced a daily buy signal off the $60,000 low that can spark a reversal or a 1–4 candle correction; sustained bullish momentum into midweek could produce a sustainable daily reversal.
Read at Bitcoin Magazine
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