Caught a Fibonacci retracement entry after a strong impulse move. Price pulled back into the 1504–1520 support zone, aligning with Fib levels and dynamic MA support.
The idea is simple: defend the retracement zone and aim for a continuation toward the previous high. A clean reclaim above 1520 would strengthen the bullish momentum.
Bitcoin is currently trading above the 50-week EMA, and the weekly candle is getting close to confirming a close above this important level.
What makes this interesting is the history.
In the chart, previous successful reclaim attempts around the 50-week EMA were followed by strong upside moves. On the other hand, losing this level after a failed reclaim was associated with deeper corrections.
Right now, BTC is sitting around $81K while the 50-week EMA is around $77.5K.
If this weekly candle closes firmly above the EMA 50, it could mark an important shift in market structure and bring the bullish momentum back into focus.
One candle doesn't guarantee a rally.
But if BTC confirms the breakout and holds the EMA as support, the chart becomes much more interesting.