BTCUSD 19 Mar 2024. In the analysis of BTCUSD on the daily timeframe, the price movement has shown a downside bounce when it reached the 100.0 Fibonacci level on March 13, indicating a strong resistance at that level. Currently, BTCUSD is experiencing a bearish trend that is taking it down towards the 61.8 Fibonacci level, which could serve as a potential support. However, keep in mind that there is a possibility of a trend reversal occurring when the price touches the 61.8 Fibonacci level. If a reversal occurs, then there is potential for BTCUSD to strengthen again. Therefore, traders need to pay close attention to signs of trend reversal, such as candlestick patterns or confirmation from other technical indicators, before making trading decisions. Stay alert to market volatility and price reactions to significant Fibonacci levels.
