BTCUSDT: Testing the 20K Support Followed by an Upward Movement

Bitcoin / TetherUS (BINANCE:BTCUSDT)

Updated

BINANCE:BTCUSDT Bitcoin / TetherUS

supportandresistance fibonacci movingaverage btcusdt bitcoinprice bitcoinprediction bitcoin2023 macrossover movingaveragecrossover

Bitcoin has experienced a significant upward trajectory, starting below 16k and reaching a peak at 31k. It is anticipated that the next phase will involve a corrective visit to the Fibonacci level of 0.618, estimated to be around $21400. However, I believe Bitcoin may dip slightly further, potentially settling around the 20k mark, which aligns with the support level observed in March. The convergence of the MA25 and MA99 indicators in early June, with the short-term MA falling below the long-term MA, suggests a potential bearish trend in the coming months. It is important to note that this is merely my personal perspective on Bitcoin's outlook and should not be taken as financial advice.

Comment:

The price cannot beat the daily MA25, so a drop is awaited soon...

Comment:

Instead of a drop, it came a revisit of the same top which was confirmed as a very strong resistance; the targets remain the same.

Comment:

I don't think 20K is easy to touch. But 24K is definitely still on the cards.

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