Watching Bitcoin's Key Fibonacci Levels for Trends
Solid ECN – Bitcoin has shifted above the EMA 50, and the digital gold has stabilized itself above the 38.2% Fibonacci level and the Ichimoku cloud. However, the BTCUSD price still needs to overcome the upper band of the bearish flag before further growth.
From a technical standpoint, with the Bitcoin price sustained below the 50% Fibonacci support level, the bearish outlook remains valid. In this scenario, the downward pressure should continue, and the initial target will likely be the 23.6% Fibonacci support level.
On the other hand, if the bulls break out from the flag, the uptrend should continue, paving the way to $72,000.
Traders should watch the price action and market behavior around the 50% Fibonacci level.