Bitcoin 9/23/24
1. 0 Fibonacci Level (support): The price has frequently touched the 0 level, indicating strong support. Notice that Bitcoin bounced off this level in late June and mid-August, showing resilience. This suggests that buyers step in heavily around these points, preventing further downward movement.
2. 1 Fibonacci Level (resistance): Similarly, Bitcoin hit the 1 Fibonacci level a few times, such as in mid-July and early September, where it faced resistance and failed to break through. This shows that sellers dominate when the price approaches these levels, which creates a ceiling for price action.
3. Range-bound movement: Between the 0 and 1 levels, Bitcoin has been mostly consolidating, swinging up and down without a clear breakout in either direction. This implies that the market is indecisive or accumulating, awaiting a trigger for the next big move.
4. Current price near resistance: As of now, Bitcoin is approaching the upper Fibonacci level (1), indicating the possibility of another pullback unless a breakout occurs.
In conclusion, Bitcoin is trading within a defined range of 0 and 1 Fibonacci levels, with support near 0 and resistance at 1. If Bitcoin breaks above the 1 level, it could signal a bullish breakout; otherwise, a rejection could lead to a pullback.
2. 1 Fibonacci Level (resistance): Similarly, Bitcoin hit the 1 Fibonacci level a few times, such as in mid-July and early September, where it faced resistance and failed to break through. This shows that sellers dominate when the price approaches these levels, which creates a ceiling for price action.
3. Range-bound movement: Between the 0 and 1 levels, Bitcoin has been mostly consolidating, swinging up and down without a clear breakout in either direction. This implies that the market is indecisive or accumulating, awaiting a trigger for the next big move.
4. Current price near resistance: As of now, Bitcoin is approaching the upper Fibonacci level (1), indicating the possibility of another pullback unless a breakout occurs.
In conclusion, Bitcoin is trading within a defined range of 0 and 1 Fibonacci levels, with support near 0 and resistance at 1. If Bitcoin breaks above the 1 level, it could signal a bullish breakout; otherwise, a rejection could lead to a pullback.
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