Bitcoin continues its strong relationship with the 200MA.
Each time price dips below it, fear spikes — but bounces off key Fib levels have followed, with price then riding higher alongside the 200MA.
Right now, price is caught between the 200MA and a nearby Fib level.
Here’s what could happen next:
– Price flips the Fib into support, ideally with help from a rising 200MA.
– Price waits for the 200MA to catch up, and they break the Fib together.
– Or, we get another panic dip, and the bounce comes after another test from below.
Whichever path it takes, we’ll be here watching it unfold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.