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Bitcoin (BTCUSD) is currently trading at $63,790, showcasing a strong bullish trend after bouncing off key support levels. Let’s explore how to utilize Fibonacci retracement, EMA, RSI divergence, weekly pivots, SMC concepts, and support/resistance to navigate the market effectively.
Fibonacci and RSI Divergence
Bitcoin recently retraced to the 38.2% Fibonacci level at $61,900, offering strong support. The RSI divergence on the 4H chart indicates weakening bearish momentum, as RSI trends upwards despite minor pullbacks in price. This suggests a potential bullish reversal.
EMA Levels
The 100 EMA is currently at $62,500, serving as immediate support. The 200 EMA is positioned at $61,200, which acts as stronger support in case of a deeper pullback. The 400 EMA lies at $59,700, providing a key long-term support zone if price dips lower.
Weekly Pivots and SMC Concepts
The weekly pivot stands at $63,200, with Bitcoin bouncing above it, confirming bullish momentum. Key institutional demand zones, aligned with SMC concepts, show accumulation at levels near the 200 EMA, supporting the idea of further upside in price.
Support and Resistance
Current resistance levels are seen at $64,500 and $65,800. On the downside, immediate support lies at $62,500 and $61,200.
Summary of Key Levels:
Fibonacci 38.2%: $61,900 (Support)
Weekly Pivot: $63,200
EMAs:
100 EMA: $62,500 (Support)
200 EMA: $61,200 (Support)
400 EMA: $59,700 (Support)
Support: $61,200 - $62,500
Resistance: $64,500 - $65,800
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