Bitcoin (BTC/USDT) on Binance recently broke free from its consolidation phase spanning April to October, extending its counter-trend rally that commenced after hitting a low of $15,476.00 in November 2022. The potential upside target is set at $53,159.63, marking an Intermediate Degree Fibonacci Expansion. Once the ongoing counter-trend rally reaches its conclusion, we may witness a resumption of the downtrend, potentially leading Bitcoin to retest its November 21, 2022 low and potentially extend beyond it.
Support and Resistance Log Scale
Weekly Bar Wave Fractal Position: Current price ($34,762.45) is in Intermediate Degree (C) of Primary Degree Circled B of Cycle Degree IV.
Primary Degree Price Support and Resistance: Support @ $15,478.00 Nov-21 2022 low. Resistance @ $69,000,00 Nov-06 2021 all-time high.
Intermediate Degree Price Support and Resistance: Support @ $31,000.00 Apr-08 high, and $26,538.66 Oct-07 low.
Primary Degree Fibonacci Resistance: BvsA Support @ (50%) $32,677.88; (38.2%) $27,393.62. BvsA Resistance @ (61.8%) $38,981,48; (78.6%) $50,109.76; (88.7%) $58,276,11.
Intermediate Degree Fibonacci Resistance: CvsA resistance @ (100.0%) $53,159.63.
Intermediate Degree blue upper and lower Channel Trend line support and resist.
Primary Degree Fibonacci Time: BvsA (61.8%) July-09 2023; (100,0%) Dec-03 2023; (161.8%) July-21 2024.
BTC/USDT Binance Weekly Bar
Daily Technicals
Daily momentum is strong but starting to shows cracks of a correction. ADX is trending nicely at 63.08 however positive +DI has been dropping since the Oct 23rd high of 57. It’s currently at 31.60 and dropping. Negative -DI is non existent at 6.70 but starting to creep up. Moreover RSI is in overbought and diverging as it tests the 70 line at 72.22. Bitcoin BTC/USD should correct to around the 30k mark before it continues its upward march to upper weekly resistance levels mentioned.
BTC/USD DAILY StockCharts.com
