After the sharp corrections that were seen in late July, the Bitcoin market achieved a modest recovery last week, as it rose by 2.73 %, according to Data from CoinmarketCap. However, the other rejection in the midst of this return forces the prices to the first encrypted currency in the price area of $ 116,000. While the encryption market is awaiting the next step for the distinctive symbol, the cumulative trading activity indicates an increase in prices to the highest new level ever.
The golden ratio on the horizon: Bitcoin targets 131 thousand dollars after a rack contract
in X post On August 8, the famous financial market analyst Donald Dean is participating in an interesting ups in bitcoin market. Based on the presence of a shelf in the size on the BTCUSDT DAILY chart, Dean prepares the driving market driving to provide the market evaluation of $ 131,000.
By interpretation, the size shelf refers to the price level where a large amount of trading activity/volume occurred. In the above chart, this level of trading is referred to by horizontal bars on the right side of the scheme. The size shelf tends to serve as a strong resistance or a support area because many merchants are supposed to buy or sell at this level.
According to the Doald Dean analysis, Bitcoin is currently hovering around a size rack of $ 116,000 – $ 118,000, which was identified as a possible launch zone. If Bitcoin managed to incorporate it decisively above this range, it indicates that this level has enough attention to buying to serve as a starting point for the next men.
Interestingly, Dean expects that this accumulation stage will provide the momentum to push BTC towards the Fibonacci 1.618 extension level, a major technical teacher known as the “golden ratio”. This level, which has been set about $ 131,000, represents the goal of the main price for the Bitcoin market, indicating a possible 12.93 % increase on current market prices.
Bitcoin market overview
At the time of writing this report, Bitcoin was trading at 116,756 dollars, after a slight decrease of 0.02 % over the past 24 hours. Meanwhile, the market trading volume decreased by 20.97 % with a value of $ 55.24 billion.
Data from Coincodex It indicates that the market morale is still strongly optimistic, with the Fear & Greed index in 67 years. Despite this optimism, analysts expect that BTC will retain its current range, as prices of $ 117167 have been offered in five days and 115,980 dollars in thirty days, and a possible decline to $ 112,688 over the next three months.
The post Bitcoin Volume Shelf Indicates Possible Launch To $131,000 – Analyst first appeared on Investorempires.com.
