Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• A massive price imbalance existed between $30.2k and $32.8k on the daily chart.
• At press time, open and current liquidity existed at $35.6k and $35.9k. 

Bitcoin [BTC] hit a new 2023 high of $35.2k after BlackRock recorded progress on its spot BTC ETF (Exchange Traded Fund). But the report on the progress was quickly dispelled as BTC’s rally cooled off to $34k at press time. 

Read Bitcoin [BTC] Price Prediction 2023-24

Can Bitcoin extend the recovery

On the charts, specifically the daily timeframe, price imbalance and liquidity existed in the white area of $30.2k – $32.8k. 

A Fibonacci retracement tool was plotted between September’s low of $24.9k and recent high of $35.2k. Based on the tool, the liquidity on charts stretched between 50% and 23.6% Fib levels. 

In addition, the 50-EMA (Exponential Moving Average) aligned with the 38.2% Fib level. It could make the white area a bullish zone. A solid rebound in the area could set BTC to aim for $35.2k or the bearish OB of $37k-40k (red) formed on 4 May 2022. 

The positive readings of the RSI and CMF indicated that the king coin enjoyed massive buying pressure and capital inflows in the p

Go to Source to See Full Article
Author: Benjamin Njiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details