Bitcoin Surges After Retracing To This Fibonacci Level: What’s Happening?


Bitcoin BTC/USD took off flying beginning at 1:20 p.m. EST Wednesday, surging up 6.26% between that time and 3:30 p.m. EST, when the crypto banged into resistance near the $24,200 mark.

In total, Bitcoin is trading up about 8.5% from Tuesday’s closing price.

The apex crypto then started to consolidate under that resistance level with a series of inside bars on the five-minute chart.

On smaller time frames, Bitcoin may be forming a bull flag pattern under resistance in order to gather the strength to break higher.

On the daily chart, Bitcoin negated its most recent downtrend with the spike higher, by printing a higher high. Eventually, the crypto will need to retrace to print a higher low, which would then confirm a new uptrend.

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The Bitcoin Chart: If Bitcoin closes the trading day near its high-of-day price, the crypto will print a bullish Marubozu candlestick, which could indicate higher prices will come again during Thursday’s 24-hour trading session. If the crypto runs into sellers and closes the…

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