BTC finding support at higher prices
BTC is currently testing support at recent highs of 44.822k which is also a 1.382 fib level. This is a bullish sign as in the case of
a sudden correction this level may provide support and prevent lower prices.
Ofcourse this test will likley not provide significant support as so far we have only tested it 1 time and on a lower timeframe (4hr). I would want a retest off this level on the 1 day for it to be a more convincing support level.
If we continue to move upwards we can expect some resistance at the major 0.618 level plotted from the all-time high to the bottom of the correction. Flipping this level and confirming it as support after a retest would be seen as a very bullish sign of BTC and possibly mean a reversal is in play where we start the move up to the previous all time high.
In the bearish scenario I would expect support at 37.6k where we previously found support. But is is very possible that we find support at another level before that, such as 43.2k or 42.6k.
a sudden correction this level may provide support and prevent lower prices.
Ofcourse this test will likley not provide significant support as so far we have only tested it 1 time and on a lower timeframe (4hr). I would want a retest off this level on the 1 day for it to be a more convincing support level.
If we continue to move upwards we can expect some resistance at the major 0.618 level plotted from the all-time high to the bottom of the correction. Flipping this level and confirming it as support after a retest would be seen as a very bullish sign of BTC and possibly mean a reversal is in play where we start the move up to the previous all time high.
In the bearish scenario I would expect support at 37.6k where we previously found support. But is is very possible that we find support at another level before that, such as 43.2k or 42.6k.
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