Bitcoin reaches a key weekly .612 Fibonaccation Recreation Level, raising potential for a significant lower high formation

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Bitcoin had an impressive week, trading over 3% of low $ 93,700 to High $ 97,865. From Friday afternoon, it was dragged slightly, about $ 96,600. While swinging remains in a short period of time, the price has now reached a large technical level that could act as a potential milestone.

Return 8. April, I talked Why bitcoin may not be a type of property to sell in an environment that is afraid of recession. Since then, Bitcoin has increased by 26%, affirming the idea of ​​staying high demand stores in which the value is due to uncertainty. However, just because the price gathered, does not mean we are going straight to a new top maximum. In fact, current technical conditions suggest that you may approach the critical decision-making point.

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Key weekly level: .612 Fibonacci

From a technical point of view, the most important level for viewing is currently .612 Fibonaccius download from weekly swinging $ 110,000 at a lower than $ 74,450. This retrial level follows at 96,493 USD – the price space is Bitcoin currently testing.

This is the natural level of interest and for bulls and bears. It often acts as a resistance zone in markets in free markets and can lead to taking profits, hesitation or even rejection. That is said, that does not mean that reversal guaranteed – it is a level to view, not a crystal ball.

If Bitcoin starts rolling out of here, there are several levels to fall worth monitoring:

• $ 92,700 – Equal of the lowest falls on a four-hour chart, which could act as a liquidity magnet, a price for drawing lower towards clusters for stopping stops.

• $ 91,619 – Recent momentum low formed on a four-hour chart and a small day 24. April.

• $ 90,561 – Old distance level space on a four-hour chart, which could fulfill if the momentum is replenished.

• $ 88,752 – The key former resistance level that broke through 22. April. If Bitcoin trades all the way to this level, it would probably signal a deeper return and potentially undoes this leg sets.

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What’s next?

The wider structure on weekly, daily and four-hour charts still seems healthy, and Bitcoin remains in a higher time frame of the Usttrend. But with a price that touches the level .612, the market must now decide whether this level acts as a springboard for further upside down – or ceiling that forms a significant lower high compared to the peak of $ 110,000.