Cryptocurrency Analysis Company Makrovision has made a significant assessment of price movements in its latest report from Bitcoin (BTC).
According to the report, Bitcoin has maintained a short-term downtrend, first attempting stability in the Golden Pocket (0.618-0.665 Fibonacci) area after testing levels.
Analysts pointed out that a short-term recovery could begin anytime, and the real question is how sustainable the movement is.
- It is stated that if recovery is impulsive (strong and accelerated), the next target in BTC may have a lower peak.
- However, if the recovery remains fixed, the price could return to a lower support level.
The key point highlighted by Makrovision is the $115,800 level. The report warned that breaks above this resistance level could signal strong and sustained rally, but warned that weak recovery would risk new sales in the market.
At the time of writing, it is trading for $110,770.
*This is not investment advice.
