Bitcoin (BTC/USD) looking to break the tight range

Bitcoin (BTC/USD) looking to break the tight range

The bulls are looking to strengthen themselves in the current Bitcoin trend since they are keeping the January 23 lows intact, although the resistance of 11,924 continues to hold back the advance in the short term. The Parabolic SAR is beginning to show a bias in favor of the bulls, although the price action continues to be limited.

Projections with the Fibonacci retracement levels suggest that the BTC/USD pair has already achieved a successful break of the 0% level in the short term, which could allow the cryptocurrency to touch the take profit zone at -23.6% at 8.507. If that zone comes to yield, the Bitcoin would fall to the Fibonacci extension of 100% in 5,754.

What do we expect?

According to our forecasts in the short-term, Bitcoin is waiting for a catalyst that allows it to make a decisive movement that fractures the range in which it is inserted. A consolidation above 11.924 could allow more gains in the direction of the Fibonacci level of 38.2% in 14,197, while a break of 8,507 would strengthen the downward trend in the BTC/USD pair.



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