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Bitcoin Up 10% In Three Days And Fractal Forecasts Next Move

Last Updated February 9, 2024 1:20 PM
Andrew Kamsky
Last Updated February 9, 2024 1:20 PM
Key Takeaways
  • BTC breaks out, breaking the $44,200 resistance which is now, potentially ,support, signaling bullish momentum.
  • The recent 10% surge may lead to two things: resistance near $48,400 or a breakout above, to $51,000.
  • Bullish factors like ETF approval, Fed rate cuts, and halving support a potential breakout.
  • Fractal analysis suggests potential resistance at $51,000, aligning with the Fibonacci level of 1.618.

Recently, we highlighted the likelihood of upward momentum in Bitcoin’s price.

BTC formed an ascending triangle pattern on the four-hour chart, breaking out and surpassing the $44,200 level from December 2023, which had previously acted as resistance and is now serving as future support.

Bitcoin Up 10% In 3 Days

Given the 10% increase in BTC’s price over the past three days, two potential short-term scenarios may unfold.

Firstly, BTC could encounter resistance at the top of the megaphone structure around $48,400, possibly consolidating at the top. Alternatively, it could break above this resistance, similar to the breakout in November 2023, marked above with the arrow pointing upwards. 

Bitcoin Fibonacci Levels On Daily Chart
Bitcoin Fibonacci Levels On Daily Chart

Considering such bullish factors as the ETF approval, potential Federal Reserve rate cuts in quarter one, and the upcoming halving , it is not a stretch to expect the latter scenario will play out. To show this, we have placed the fractal of Bitcoin’s November 2023 price action at the bottom of the chart. This suggests the current price run might encounter resistance around $51,000. This  price coincides with the Fibonacci extended level of 1.618 highlighted in the previous analysis referred to earlier.

Disclaimer

​​The information provided herein is for educational and informational purposes only and should not be construed as financial advice, investment recommendation, or an offer or solicitation to buy or sell any securities. Cryptocurrency investments are volatile and high risk in nature, do not invest more than you can afford to lose. 

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