Price Action Analysis for Coin
#BTC Coin
$BTC is showing a sharp corrective movement on the daily timeframe that has broken the pivot point downwards, with the price currently trading at $73,018.41. Bitcoin is now under pressure from the moving averages, which have started to act as dynamic resistance in the short term. Based on the updated levels of the Fibonacci tool, the upcoming movement paths are as follows:
Pivot Point (PP): It has settled at its important psychological level of $76,000.00, and a return to trading and stabilizing above it is a prerequisite for regaining bullish momentum.
Target Resistance Levels: If buyers successfully break the pivot point, the consecutive upward stations are at $82,850.00, followed by $90,600.00, then $97,924.49, reaching higher targets at $107,500.00 and $116,400.00.
Protective Support Levels: The price is approaching the first and currently most active support wall at $70,505.88, while the level $65,000.00 represents the second support, and the last safety valve is at $60,000.00.
The most likely scenario is a continuation of the current corrective downturn to test the first support wall at $70,505.88 as an attempt to gather new buying power before considering any bounce to test the pivot point.
#BTC #Bitcoin #Crypto #AIMONACCI