Bitcoin Investors Should Watch These Crucial Levels if BTC Fails To Rise Above $50,000: Crypto Trader Scott Melker.
28 Aug 2021, 08:00
Bitcoin Investors Should Watch These Crucial Levels if BTC Fails To Rise Above $50,000: Crypto Trader Scott Melker
Cryptocurrency strategist and trader Scott Melker is analyzing how the price of Bitcoin may move over the coming days and weeks.
Melker tells his 78,000 YouTube subscribers that Bitcoin (BTC) will likely face strong resistance just above the $50,000 level. The cryptocurrency analyst argues that the resistance level coincides with a key Fibonacci indicator number.
“As I said for a long time, $50,493 is 23.6% [Fibonacci] retracement. That’s of the entire move up from $3,800 to $65,000. That’s going to likely be strong resistance, we’re seeing that right now.”
Melker says that after rallying for five consecutive weeks, Bitcoin could correct once it encounters resistance.