EDGE Chart of the Day – Bitcoin (January 11th, 2024)

<div><p><div><h2 itemprop="headline">Following ETF Approval, Bitcoin Hits Key Fibonacci Retracement Level</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The highly anticipated ETF approval of Bitcoin and several ETF’s has come and passed, and this has allowed Bitcoin to surge to the long term key Fibonacci retracement level of the 61.8% retracement. Most traders know it is a scary idea to trade into a 61.8 retracement, let alone a long term weekly one. Especially as the RSI (relative strength) is divergent. We’d expect buyers on dips, but investors looking to take longs after a big “news event” like this at a key level should be warned!</p>
<p><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-11059" src="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43.png" alt="" width="1486" height="827" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43.png 1486w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43-400×223.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43-800×445.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43-768×427.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43-705×392.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/BTCUSD_2024-01-11_08-39-43-450×250.png 450w" sizes="(max-width: 1486px) 100vw, 1486px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
</div></section></p>
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<p>The post <a href="https://www.forexanalytix.com/blog/chart-of-the-day-jan-11th-2024/">EDGE Chart of the Day – Bitcoin (January 11th, 2024)</a> appeared first on <a href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>