“The golden ratio at ± $ 7,800 was broken bullish by the Bitcoin price and Bitcoin is currently about to target the next resistance at $ 9,200. At $ 9,800, the important 0.382 Fib level lies between two golden ratios that mark the top and bottom of the horizontal resistance between $ 9,200 and $ 10,500. Bitcoin will definitely find strong resistance in this area, but breaking the golden ratio is extremely bullish regarding the upcoming halving date. The Bitcoin course is already supported at $ 7,800 – $ 8,200. ” an analyst told us.
Bitcoin put a bullish engulfing candle in the monthly rate. Since the Bitcoin price is on the upper trend line of the symmetrical triangle, Bitcoin could break out bullishly. However, Bitcoin is already expecting significant horizontal resistance between $ 9,200-10,500. The golden ratio at $ 10,500 plays a major role, because breaking this level would inevitably put Bitcoin in a bull trend. Currently, the monthly candle from May is below the 0.382 Fib level at $ 8,787 and if Bitcoin does not break this level, the Bitcoin price could correct strongly.