Recent High and Retracement:
BTC recently reached $73,000 on the daily timeframe before beginning a retracement. This pullback is positive, as it allows for liquidity on the downside to be collected, stabilizing the uptrend.
Timing of Retracement Before US Elections:
The timing of BTC’s retracement ahead of the US elections is also beneficial. If BTC had continued rallying into the elections and Trump lost, the market could have experienced a sharp downturn due to heightened uncertainty.
With BTC already in a corrective phase, this lowers the risk of a sudden drop following the election outcome, making the market impact more manageable and potentially setting up for a bullish reaction regardless of the result.
BTC Micro Outlook: Key Levels in the 4-Hour Timeframe
Key Zone at $73,000 and Current Retracement:
BTC recently reached the significant $73,000 level, initiating a retracement. The 4-hour chart will allow us to closely monitor this pullback for shorter-term trading insights.
Retracement Targets and Fibonacci Levels:
Primary Target: The key retracement level to watch is $67,200, aligning with the 2.618 Fibonacci level, which should serve as the maximum downside target in this correction.
Worst-Case Target: In a scenario with strong negative fundamentals, BTC could potentially retrace further to $62,700, corresponding with the 4.618 Fibonacci level. This would represent a deeper correction and indicate stronger bearish sentiment if it occurs.
This analysis is based on the candle chart for precise tracking of price movements and key levels on the 4-hour timeframe.
Micro Outlook (Short-Term Target)
Immediate All-Time High: With market momentum transitioning to an uptrend,, BTC’s next immediate all-time high on the micro outlook is $76,200. This level serves as a key milestone before BTC transitions to the larger macro targets.
Macro Outlook (Long-Term Targets)
First Macro Target: Once BTC reaches $76,200, the next significant target on the macro outlook is $85,400, marking a critical level in BTC’s continued uptrend.
Further Upside: After $85,400, the next milestones are $109,000 and, in the longer term, $150,000.
At the time of this update, BTC is trading at $67,920
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