Bitcoin recently busted out of its descending triangle pattern on the 4-hour time frame and is pulling back for a retest of resistance. This happens to line up with the 38.2% Fibonacci retracement level around $11,100.
A larger correction could last until the 50% level that lines up with the 200 SMA dynamic inflection point or the 61.8% level at $10,332.79. On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the…
- 78https://www.youtube.com/watch?v=wku6MGYDuPE BTC, ETH/ Technical analysis price forecast 29 jan Hello! I make Bitcoin, XRP (Ripple) & other crypto technical analysis price predictions based on charts.
- 61Bitcoin is still trending lower inside the descending channel on the 1-hour time frame but buyers continue to defend support levels. This could keep the correction going until price makes new lows.The price is currently testing the dynamic resistance at the 100 SMA dynamic inflection point. This is near the 38.2%…