Bitcoin - Near Term🎯 using Fibonacci

Hi Traders, Investors and Speculators 📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫

Happy New Year !🎉🎇
Whilst many are still in the festive mode, the price of Bitcoin is moving... to the lower side. From a chart analysis, the 0.7 Fibonacci Retracement was tested earlier in December, but as it turns out there wasn't a high demand zone on this support zone. Therefore, the price of BTC could continue to make lower high's until the demand zone is equally balanced with the supply zone, after which we anticipate a period of sideways trading.

By taking a quick look at the technical indicator Phoenix Ascending, we notice the EMA pointing lower sharply, indicating short term bearish momentum is stronger than buying pressure at this level.

This is only a short term analysis for my immediate expectations on the price of BTCUSDT for the coming days. Stay tuned on our channel 👀 because I'll be making a comprehensive outlook on what I expect for BTC during 2023.


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