On-Chain Mind: BTC tests the Fibonacci level of 0.382, and its breakout will open the way to $92,000.

According to the #OnChainMind chart, the 0.382 level is around $83,938. Price reached it after an upward impulse from the $57,800 area, so this is now a KEY resistance for continuing the recovery.

Haven’t looked at the Fibonacci levels in a while, but it’s an interesting moment—by the way, the levels fit nicely. And the breakout point is interesting too. Against the backdrop of all the signals of extremes that our indicator is currently providing. For now, though, we can’t say that a close above the level has already happened. But a breakout—yes, it has.

By the way, the next mark on the chart is 0.5 in the vicinity of $92,012$. This is bad news for bears. It will be the main technical target if BTC can confidently consolidate above $83,938.

No, despite one brief breakout above resistance, we emphasize that it’s not enough. Confirmation of the scenario will be a close above the 0.382 level and holding it during the subsequent test. A rejection and return below $83,938 will postpone the move to $92,000, and the next notable support on this marking is around $73,948. That’s where we’d aim to reach with a short and then start building a conservative investment portfolio from the TOP assets. Dreams, dreams. But if there are arguments, dreams turn into a plan. For now, we observe for these arguments to appear. We need an already sustained downtrend at least on the 5-minute timeframe; for now, it’s not there.