Bitcoin seems to be trading within an ascending channel, which is typically considered a bullish pattern. The price is currently testing the upper boundary of the channel. If it holds, we could expect a pullback towards the lower boundary. However, if the price breaks and holds above the upper boundary, it might signal a continuation of the bullish trend.
Looking at the Fibonacci extension levels drawn from a significant swing low to a high, the price is hovering around the 1.272 extension level. The next key levels to watch according to these extensions are the 1.618, which often acts as resistance, and the 2.618 level, which is a more optimistic target and less commonly reached.
The volume profile on the left shows a high volume node just below the current price, indicating a potential area of support. If the price were to decline, this area could act as a barrier against further drops.
BTC price movement, would likely depend on whether the price respects the current channel pattern and the reaction at key Fibonacci levels. If bullish momentum continues and the price breaks above the channel, the focus would shift to the 1.618 extension level as the next target. But if the price rejects at the channel's upper boundary, a retracement towards the lower boundary of the channel or the high volume node could occur.
Looking at the Fibonacci extension levels drawn from a significant swing low to a high, the price is hovering around the 1.272 extension level. The next key levels to watch according to these extensions are the 1.618, which often acts as resistance, and the 2.618 level, which is a more optimistic target and less commonly reached.
The volume profile on the left shows a high volume node just below the current price, indicating a potential area of support. If the price were to decline, this area could act as a barrier against further drops.
BTC price movement, would likely depend on whether the price respects the current channel pattern and the reaction at key Fibonacci levels. If bullish momentum continues and the price breaks above the channel, the focus would shift to the 1.618 extension level as the next target. But if the price rejects at the channel's upper boundary, a retracement towards the lower boundary of the channel or the high volume node could occur.
