With a 28% surge in October many are expecting bitcoin to continue on higher. Alternatively, is this time for bitcoin to retrace to $30,000?
A top, or higher still?
After an exhilarating move over the last couple of weeks, bitcoin has met resistance and is also at the top of a channel it has been following since mid 2022.
Source: Trading View
Would it make sense here for the price to retrace to $30,000 where the 0.618 fibonacci can be found? Below this is the massive support of the 200-day moving average which is currently aligning with the 0.786 fibonacci.
Momentum still strong
It must be noted though that momentum is still strong for bitcoin. Short term Stochastic RSIs are at the bottom, the daily is coming down, and the weekly and 2-weekly are still heading upwards. More importantly, the monthly Stochastic RSI has flipped back to the upside on the monthly close, which should provide strong momentum going forward.
Source: Trading View
Up more likely, but caution advised
As can be see
We współpracy z: https://cryptodaily.co.uk/2023/11/has-bitcoin-btc-reached-the-top-for-now
