Will $BTC survive the slip? All eyes on 0.5 Fibonacci and 1D MA100!
The price is retreating towards a critical area at 112k after breaking MA50 for the first time in two years.
Now, it faces a fateful test at the 100-day moving average, which also coincides with the 0.5 Fibonacci level of the recent upward wave.
Interestingly? This same level was a bounce point last June, and it represents the previous higher low within the ascending channel.
If maintained, we might witness a new upward wave targeting the Fibonacci extension 1.5 near 140k.
But breaking it? It could open the door for further correction.
Bitcoin dances on the edge… Will this be the last bottom before the breakout?
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