Fib-Confluence Analysis: Two Scenarios

Brief analysis

I see a sharp bounce from 9222. This low was just shy of the Gartley PRZ near 8700. It has been approaching a possible reaction zone near 13000 and strong resistance near 14000. Price action there will reveal the future course of action.

We have strong support at 8700. The traders should turn bearish only below 8700 because then there will be a potential for 4900-5000, which is the Bat PRZ. Till then enjoy the up move.

Hope this analysis will help bitcoin traders to develop their plans more efficiently.

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Disclaimer: I do not trade Bitcoin.