Bitcoins price action is at a major region of resistance, that is the channel high and the .618 Fibonacci from the all time high. A rejection here increases the probability greatly of a bullish Butterfly Harmonic pattern.

The weekend is quickly approaching, consolidation through the next couple days will create liquidity for another push higher into resistance before the reversal.

In recent news events, YouTube Page of India's Supreme Court Hacked to Promote XRP and PR is good PR.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

The channel high has been a significant resistance for Bitcoin during this year, price action has failed to reach it, leading into bearish expansions. The area is also in confluence with the .618 Fibonacci, a key Fib levels that has rejected price before.

Confirming a rejection here will allow price action to morph further into a Bullish Butterfly harmonic. This pattern activates when leg D is established, coincidently this is at the channel low.

Overall, Bitcoin can have a rejection here and still be bullish, the correction however will be brutal as the channel low sits around the $42,000 region. It is very important to position yourself correctly for any scenario.

The Butterfly Harmonic Pattern

The Butterfly Harmonic pattern in price action trading is a reversal pattern used to identify potential market turning points. It is based on Fibonacci retracement and extension levels. The pattern consists of four price swings, labeled X-A, A-B, B-C, and C-D, forming a "butterfly" shape. Key characteristics include:

- X-A: The initial price move.

- A-B: A retracement of 78.6% of the X-A leg.

- B-C: A retracement or extension of 38.2% to 88.6% of A-B.

- C-D: An extension of 127.2% to 161.8% of X-A, completing the pattern.

Once the D point is reached, it suggests a potential price reversal. Traders often look for additional confirmation before entering trades.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

YouTube Page of India's Supreme Court Hacked to Promote XRP

India's Supreme Court YouTube channel was hacked on Friday, marking the first such incident for the institution. Typically used for streaming court cases to the public and media, the channel began displaying videos promoting XRP tokens and had its name changed to “Ripple.live24.”

A blank video titled "Brad Garlinghouse: Ripple Responds To The SEC's $2 Billion Fine! XRP PRICE PREDICTION" was streamed during the European morning, but both the video and channel were soon taken offline.

In a statement shared with local media, the Supreme Court confirmed, "The YouTube channel of the Supreme Court of India has been taken down. Services will be restored shortly." This breach occurred just before several important cases were scheduled for Friday, as reported by the Times of India.

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Daily Wisdom

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