- Bitcoin has set a new all-time high (ATH) of $35K.
- Next Fibonacci level to look out for is at $36.2K.
- However, BTC may undergo a retracement or a possible consolidation due to its overbought state.
Bitcoin has once more beaten the market, as it recently made another all-time high (ATH) record at $35,7K. Now, many believe that it is ready to hit higher ceilings soon.
At the time of writing, Bitcoin is trading at $35,335.43, according to CoinGecko. Also, the Relative Strength Index (RSI) is at 73, showing that a lot of people are buying BTC. Consequently, the RSI shows that people are either hodling their BTC or are buying more.
With this new Bitcoin ATH, what is the next price range that the crypto market should watch out for?
As the chart above shows, BTC has already established support at the $31.7K and $33.5K levels, respectively. With this, we can expect many traders to have buy orders should BTC go down. Meanwhile, BTC surpassed the Fib level 0.786 at $34.7K, setting a new ATH.
Consequently, the market will need to look out for the Fib level 1 at $36.2K. If BTC hits this once more, then we can safely assume that it will target the psychological resistance at $40K.
However, there is reason to believe that BTC may retrace to lower Fib levels. Others will also need to watch out for a possible consolidation if this happens. As the RSI reveals, BTC is already in the overbought state. Some day traders and swing traders will be tempted to sell their BTC soon enough.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.