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What’s next for Bitcoin – $56k or $16k? – FX Empire
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Lets take a look at what a Breakout/Rally technical setup in Bitcoin would look like in the near future. Looking at the chart below, price must hold above critical support near $27,800 as any new lower low would constitute a continuation of the Bearish downtrend. Therefore, any renewed rally attempt would likely initiate from levels near $28k (or just below this level).
Using a Fibonacci Price Extension, we can see the $46,280 (0.618) and the $56,190 (1.0) Fibonacci Extension levels are key potential…
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