BAKEBTC Faces Critical Support

27 set 2023

💎#BAKEBTC is currently exhibiting robustly bullish price dynamics. A keen examination reveals a recurring pattern: the price consistently breaches the downtrend trendlines on the daily chart, signaling a sustained long-term uptrend.

💎At present, the price finds itself sandwiched between the supply and demand zones, predominantly trading at the lower boundary of this range. Of particular significance is the resilience of the 61.8% Fibonacci level, which has served as a robust support level, with the price hovering just above it for the past five days.

💎This pattern significantly augments the likelihood of an impending upward movement. If this materializes, the price could potentially ascend just beyond the supply zone, with a target set on the 127.2% Fibonacci retracement level. However, it's essential to remain cautious as long as the minor resistance at 430 satoshis remains unconquered by the bulls.

💎Should this resistance fail to yield to the bullish momentum, the downside risk persists. In such a scenario, the breach of the 61.8% Fibonacci support would set #BAKE on a continued downward trajectory, with its sights potentially fixed on the 78.6% Fibonacci support level.