Cryptocurrency analysis company MakroVision made important assessments regarding price movements in its latest report for Bitcoin (BTC).
According to the report, Bitcoin maintains its short-term downtrend and is making its first attempt at stability in the Golden Pocket (0.618–0.665 Fibonacci) region after testing the level.
Analysts pointed out that a short-term recovery could begin at any time, and that the real question is how sustainable this movement will be.
- If the recovery is impulsive (strong and accelerating), it is stated that BTC's next target may be lower peaks.
- However, if the recovery remains a correction, the price may decline back towards lower support levels.
The critical point highlighted by MakroVision is the $115,800 level. The report warned that a break above this resistance level could herald a strong and sustained rally, but a weak recovery would still pose a risk of a new sell-off in the market.
At the time of writing, it is trading at $110,770.
*This is not investment advice.
