Shorting Bitcoin at $105,000 would be an exciting play!
2024-11-07

Hello Padawans,

This chart shows a Bitcoin (BTC) price analysis with several Fibonacci retracement levels marked. Here are the key points in the image:

1. Price Levels and Fibonacci Extensions: 
   - Key Fibonacci levels are drawn across the chart, including 0.236, 0.382, 0.5, 0.618, 0.786, and several extension levels (such as 1.618 and 2.618).
   - The 2.618 level, shown in red at around 104,827, represents a significant Fibonacci extension point, possibly indicating a strong resistance level for Bitcoin.

2. Price Action: 
   - The Bitcoin price is currently at 75,050, as shown by the green label in the middle right of the chart.
   - The highest recent level on this chart is around 76,420, suggesting it might be a recent high or resistance level.

3. Volume Indicator:
   - A volume bar is visible at the bottom of the chart, indicating the trading activity, with recent volume levels shown around 30.106K.

4. Potential Resistance Levels:
   - There are several dashed lines indicating possible resistance levels, such as 82,800 and 87,216, with 104,827 being a significant upper target.

This chart likely represents an analysis of potential retracement or resistance zones for a Bitcoin short or long setup around these key levels, with the 104,827 area being a focal point for a potential short opportunity if reached.

Enjoy!