- Bitcoin shows bullish signs, with Fibonacci levels and a wedge pattern suggesting a potential breakout toward $99,000.
- Key resistance at $95,628 and support near $93,700 could determine Bitcoin’s next move. Traders are watching these levels closely.
- Consolidation within narrowing support and resistance signals a possible Thanksgiving rally, with bullish momentum building.
Bitcoin might be preparing for a Thanksgiving rally, with signs pointing to a possible rise to $99,000. Analyst Ali notes on his X post that Bitcoin's price movement matches important Fibonacci levels, showing a pattern that suggests a bounce back. This formation highlights consolidation within narrowing support and resistance lines, signaling a potential breakout.
Bitcoin is currently at $94,918 exhibiting a little rebound of 0.25%, or $231.99. The main price levels that Fibonacci displays are $92,851.76 to $97,386.06. Not to be overlooked are $93,902.45, $94,558.39, and $95,628.39 levels. These levels could help predict Bitcoin's next move. If it breaks higher, targets could extend to $98,657.25 and $99,327.46.
Key Resistance and Support Levels
Resistance is visible at the 50% retracement level ($95,091.89) and 61.8% ($95,628.39), marking immediate hurdles for Bitcoin. However, a breakout above these zones could drive prices toward $97,386 and beyond.
On the downside, support levels at 38.2% ($94,558.39) and 23.6% ($93,902.45) provide a cushion against potential declines. The wedge’s lower trendline near $93,700 reinforces this support. Breaching this level could prompt a slide toward $92,851.76.
Source: Ali
Moreover, Ali notes that the green zone on the chart signals bullish potential, targeting $99,252.68. Conversely, the red zone around $93,736.94 highlights critical risk levels. Traders are urged to monitor these thresholds closely as Fibonacci and trendline levels converge.
Indicators Support Bullish Momentum
Trading volume remains concentrated within the current range, emphasizing the importance of this consolidation phase. Additionally, short-term momentum indicators lean toward neutral to slightly bullish conditions. This sentiment is supported by price stabilization within the wedge, which often precedes a breakout.
Besides, the descending wedge pattern combines with Fibonacci mapping to create key inflection points for traders. Consequently, a successful breakout could validate Ali’s projection, pushing Bitcoin closer to the $99,000 mark.
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