618 fibonacci line. Now what to expect next for bitcoin, because yesterday we were calling this price movement at least around this 0.618, which was around 51 000 and exactly when we reached this 51 000 price range. We also saw some sort of a pullback type of scenario, but now, since the price of bitcoin is trying one more time to continue this rally and also break this 0.618 resistance and flip the support, if that is going to happen right, then we are ready for This next move here towards this point 786 fibonacci line thats lying around 57 100 price range guys, but we are also aware before we reach this point 786. There are many obstacles we have to overcome, but right now, all together also looking through the indicators. For example, the macd line, rsi tsi, t3 cci all are still in favorable, so thats. Why? In a weekly, the price of bitcoin does looks good and, if its going to turn this resistance from 0.618 into support, then its going to look even more better guys because in a weekly right and before i switch into another chart guys a friendly reminder. Femix 2. 100, bonus 100 additional for our community member is still up for grab, but the time is running out. We only have a single day left. You will find the registration link in the description down below this. Here is a great opportunity, so definitely try grabbing it. So now lets switch into our chart right now.

If you look at this bitcoin logarithmic growth curve and only focus on these lines here, this here is the 61.80 fibonacci line. The white line here in the middle is the 50 fibonacci line and to the downside, this green line is 38.20 fibonacci line. So now, if we look in our case right now, where we are approaching, we are approaching the middle line. I mean the 50 percent fibonacci line and why this line is so important is because, if you look at the pass, speed, compress action and just follow this train line, this train line was a strong line of editions and also not just only once but many many Times you can see it since 2017, every time when we approach this training area so thats, why this center line right now is also lying around fifty one thousand five hundred ninety three dollars, so we could be seeing some sort of a resistance, strong resistance. Also from this center line or this fifty percent fibonacci line, so we are over in a weekly before we run this move here to the upside. We have to overcome some obstacle guys and also, if you look at this in a daily time frame right now, the price of bitcoin is showing some very, very interesting scenario. And now, if we look at this here in a daily timeframe and follow this cpa indicator, which is a leading indicator – and it has also already provided us with a new price target for this september month, so the first price target for this september is going to Be around 52 000 700 price area, so this 52 700 is according to the cpa line where we might be getting gravitated before choosing an actual train direction, because we said, since this is a vcpr, the price has moved without touching the cpa line so thats.

Why? One scenario: what we also would be monitoring is this price: after reaching the cpr line, the monthly hour line, getting a strong rejection and pull back towards this monthly cpi area before again, slowly continue this rally here to the upper direction. So this is also one scenario what we have to take into consideration, but now, if you look at this one very, very interesting scenario, that is also going to be unfolding very very soon. This here is the golden cross and dead cross scenario. So since the price of bitcoin right now is also indicating that we could be forming this golden cost very, very soon guys if this is going to happen, then according to this, the price of bitcoin after that could start a new rally here in an upper duration, Because in the past, bitcoin price action – if you look at this golden cross here, you can see as soon as we formed the golden cross price started, consolidating and also started this new rally here to the upper direction right. You can see that and if you go backward, but here you can see this golden cross didnt lasted longer, because we were over around that area. We had that black swan event thats why this golden crossteen lasted longer, but in most of the cases after we witnessed the golden cross, the price has showed some very, very nice movement right now. If this golden cross is also going to appear, then there is a very, very likely scenario.

The train here could be continue here to the upside and also trying to break this previous high structure, so lets see how the scenarios are going to play for bitcoin and now, if we look at this price structure right now here in a smaller time frame, guys, You can see this one very, very interesting scenario playing out yesterday. I showed you in a full hour time frame. The price of bitcoin was forming this double bottom type of scenario. Right we were aware, and also this pullback, what we witnessed. We were aware of the rituals around this neckline area right, because this snake line was always a strong line of resistance. You can see around that area already so thats. Why? When we had this price pull back, this price pullback came exactly at the snake line area found support, and now we are slowly seeing this price movement here to the upside. So what to expect next? Because if you, because yesterday, when the price came around this 51 000 range, as you can see, big weak rejection and after that, we also saw this pullback type of scenario, but now the pricey phone support at this previous top right. So you can see this was already this line and the same line around that area acted as a support, or that was around 50 000 and now, if this trend is going to continue, then we also have to break out of this radiance line lying around 50.

500 to 50 600 area, so thats, why guys thats? Why, as told you with this previous example, in a weekly before we reach this 0.78 fibonacci line, we do have some strong upcycle. We have to overcome so for now our obstacle is lying around 50 500 to 50 600 range. So if we do again flip this radius into support, then this train here could continue further here to the upper direction, because, according to this double bottom, as i have already showed you from yesterdays video, the price target is going to be somewhere around 51. 800. 51. 700 price range, so this here is going to remain our price target for bitcoin for this upcoming day. So lets see how this one is going to unfollow, because if you look at this here, not just because of this double bottom, but also in a bit different way, i mean you can see descending broad news type of scenario. I showed you on my previous video. I guess broad language failed broadening bunch. We have this pullback, but this boarding merge paid out exactly like what we talked and also our price target got triggered, which was around fifty thousand seven hundred fifty thousand eight on it. You can see here right. We came exactly at our price target range from this descending broadening rate, so this also played out very very well, but now what i am actually going to show you is bit different. I mean if we look at the price movement around this area.

Now you can see here this here is more of a sending channel, so you can see we might be following this. A sending channel the upper line here was a strong line of resistance. Lower line was a strong line of support. We are aware of that, but now, if we look here with each and every price, pull back around the lower line area, the price also tested the upper line area of this a sending channel here as well. We came and tested the upper line area of this asynch channel, and here the price has also retested the lower line area of this acne channel. Indicating this train here right now could be also heading towards this upper line area of this a selling channel, because this here in all together, you can still look this as a higher highs, higher lows: continuation pattern, type of scenarios, so looking all together, guys as you Can see with different perspective, the price of bitcoin right now does looks very, very strong and any sort of a pullback again. The snake line around this 49 000 is definitely going to be a strong line of support. In case we see another pullback type of scenario. For bitcoin, and also let me make you aware, if you are unaware of my twitter account its crypto honor, feel free to follow me there, and not just only this. If you also want to follow me on instagram, then this is my.

Only official instagram account anub dungana guys. There are many scammers using the similar names so for confirmation always come back to the video description and have a double check. So these are some of the scenarios i thought sharing with you in todays episode. I hope you guys enjoyed it. I hope this video was helpful enough if thats the case, then please hit the like button and for those individuals watching this for the first time hit that subscribe button and the bell.