Bitcoin's exchange rate against the U.S. dollar has been correcting for the second consecutive day after a strong upward movement that began on September 26. If today's daily candle closes as a bearish (black) candle, this will confirm the price's consolidation below the target level of 122,185, as well as below the 23.6% Fibonacci retracement level.
The next downside target will be the 50.0% Fibonacci retracement level, which aligns with support at 117,418 — the August 22 high. Further decline toward 115,679 is also possible. This level corresponds to the low from July 15 and lies near the 61.8% Fibonacci retracement level. A deeper correction below that zone is unlikely, as a break of 115,679 would likely lead to a test of the MACD line. A firm close below that line would no longer be considered a correction, but rather the beginning of a medium-term downtrend — in other words, a trend reversal.
On the 4-hour chart, the first support level is the MACD line, located around 119,690. The price must consolidate below this level to gain confidence in reaching the next support at 117,418. We will closely monitor the situation as it unfolds. It is also worth noting that the Marlin oscillator continues to display an optimistic bias.
The material has been provided by InstaForex Company - www.instaforex.com
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Bitcoin's exchange rate against the U.S. dollar has been correcting for the second consecutive day after a strong upward movement that began on September 26. If today's daily candle closes as a bearish (black) candle, this will confirm the price's consolidation below the target level of 122,185, as well as below the 23.6% Fibonacci retracement level.
The next downside target will be the 50.0% Fibonacci retracement level, which aligns with support at 117,418 — the August 22 high. Further decline toward 115,679 is also possible. This level corresponds to the low from July 15 and lies near the 61.8% Fibonacci retracement level. A deeper correction below that zone is unlikely, as a break of 115,679 would likely lead to a test of the MACD line. A firm close below that line would no longer be considered a correction, but rather the beginning of a medium-term downtrend — in other words, a trend reversal.
On the 4-hour chart, the first support level is the MACD line, located around 119,690. The price must consolidate below this level to gain confidence in reaching the next support at 117,418. We will closely monitor the situation as it unfolds. It is also worth noting that the Marlin oscillator continues to display an optimistic bias.
The material has been provided by InstaForex Company - www.instaforex.com