In this post i will be discussing the potential next move for BINANCE:BTCBUSD after today's pump.
Using the Fibonacci retracement tool, we can identify key levels where the price could potentially retrace.
By drawing the tool from the bottom of the move to the top, we can see that the price could retrace to the fibonacci gold zone between $21,867 and $21,647.
This area is crucial as it's almost a guarantee that if the price rejects off of this area, it will hit the first price target of $23,512.
The second and third price targets are $23,512 and $23,952 respectively.
Finally, a riskier take profit would be $25,815.
It will be interesting to see if the price will follow this Fibonacci retracement pattern and reach these targets.
What do you think?
Like and comment to let me know what’s your take.
Also, VERY IMPORTANT! Follow the arrows...
Thank y’all
*Note: This post was generated by ChatGPT (Generative Pre-trained Transformer) with my input.
Using the Fibonacci retracement tool, we can identify key levels where the price could potentially retrace.
By drawing the tool from the bottom of the move to the top, we can see that the price could retrace to the fibonacci gold zone between $21,867 and $21,647.
This area is crucial as it's almost a guarantee that if the price rejects off of this area, it will hit the first price target of $23,512.
The second and third price targets are $23,512 and $23,952 respectively.
Finally, a riskier take profit would be $25,815.
It will be interesting to see if the price will follow this Fibonacci retracement pattern and reach these targets.
What do you think?
Like and comment to let me know what’s your take.
Also, VERY IMPORTANT! Follow the arrows...
Thank y’all
*Note: This post was generated by ChatGPT (Generative Pre-trained Transformer) with my input.
Comment:
I just realised that there is a typo in my post re the first target, which, as per chart submitted, is (or was at this point) $22,800 and not $23,512 (which is TP 2) - my apologies for the mistake.
Comment:
By the bay TP 1 ($22,800) was achieved less than 2 hours after i posted this 😎
Also we went VERY CLOSE to TP 2, but there's been a retracement so we merely missed it about 30 minutes after hitting TP1.
As you will see, as of now, we bounced back from the first pullback and we are now on track to (hopefully) achieve TP2 ($23,512) and eventually TP3 ($23,952).
Nevertheless, the latest move down to $22,595 (and consequent reversal) has unfolded further key support and resistance zones within the original fibonacci retracement.
The good news is that Bitcoin price has already retraced to the fibonacci gold zone and now is in uptrend, suggesting further target prices for those of you that haven't had a chance to enter this long yet.
Fibonacci gold zone: between $22,950 and $22,858
Enter around $23,042
TP 1= $23,340
TP 2= $23,512
TP 3= $23,637
TP 4= $23,821
TP 5= $23,951
SL= $22,561
Screenshot here
Also we went VERY CLOSE to TP 2, but there's been a retracement so we merely missed it about 30 minutes after hitting TP1.
As you will see, as of now, we bounced back from the first pullback and we are now on track to (hopefully) achieve TP2 ($23,512) and eventually TP3 ($23,952).
Nevertheless, the latest move down to $22,595 (and consequent reversal) has unfolded further key support and resistance zones within the original fibonacci retracement.
The good news is that Bitcoin price has already retraced to the fibonacci gold zone and now is in uptrend, suggesting further target prices for those of you that haven't had a chance to enter this long yet.
Fibonacci gold zone: between $22,950 and $22,858
Enter around $23,042
TP 1= $23,340
TP 2= $23,512
TP 3= $23,637
TP 4= $23,821
TP 5= $23,951
SL= $22,561
Screenshot here