Bitcoin carries on from where it left off yesterday, with certain support and resistance zones continuing to act as barriers for price.
Let's take a closer look at the latest BTC/USD Daily chart below:
I’ve performed the Fibonacci study from the low of the month at 343, until the high of the month at 545.
As I mentioned yesterday, "If we zoom out to the Daily timeframe, to try and observe a potential trend in the making, it’s hard to envisage, since the previous few days tells us something pretty obvious, i.e. a clear pattern here of ranging; it’s vital to pay heed to what the candlesticks on their are telling us."
Of course, the two levels of support and resistance we're talking about are the 23.6% and 38.2% Fibonacci retracement levels, at 497 and 467 respectively. We're talking about candlesticks with small bodies, long upper and lower wicks, price opening and closing very close to each other, etc... i.e. all the classic hallmarks of consolidation.
We do have the Stochastic Oscillator heading down however, along with the Accelerator Oscillator as red, so I'd expect another test of the 38.2% at 467 later today.
Bitcoin carries on from where it left off yesterday, with certain support and resistance zones continuing to act as barriers for price.
Let's take a closer look at the latest BTC/USD Daily chart below:
I’ve performed the Fibonacci study from the low of the month at 343, until the high of the month at 545.
As I mentioned yesterday, "If we zoom out to the Daily timeframe, to try and observe a potential trend in the making, it’s hard to envisage, since the previous few days tells us something pretty obvious, i.e. a clear pattern here of ranging; it’s vital to pay heed to what the candlesticks on their are telling us."
Of course, the two levels of support and resistance we're talking about are the 23.6% and 38.2% Fibonacci retracement levels, at 497 and 467 respectively. We're talking about candlesticks with small bodies, long upper and lower wicks, price opening and closing very close to each other, etc... i.e. all the classic hallmarks of consolidation.
We do have the Stochastic Oscillator heading down however, along with the Accelerator Oscillator as red, so I'd expect another test of the 38.2% at 467 later today.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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