BTC/USD Falls Toward 50-Day SMA as Range Snaps
BTC/USD trades to a fresh monthly low ($28861) as it fails to retain the range bound price action from last week.
BTC/USD Outlook
BTC/USD falls towards the 50-Day SMA ($28422) after registering a fresh yearly high ($31826) earlier this month, with a move below the moving average opening up the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, which largely lines up with trendline support.
Failure to retain the upward trend may push BTC/USD towards $25990 (38.2% Fibonacci retracement), but the recent weakness in Bitcoin may end up being short-lived if it holds above the moving average and defends the upward trend.
Failure to close below $29140 (38.2% Fibonacci extension) may push BTC/USD back towards $30490 (50% Fibonacci extension), with the next area of interest coming in around $31840 (61.8% Fibonacci extension).
BTC/USD Outlook
BTC/USD falls towards the 50-Day SMA ($28422) after registering a fresh yearly high ($31826) earlier this month, with a move below the moving average opening up the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, which largely lines up with trendline support.
Failure to retain the upward trend may push BTC/USD towards $25990 (38.2% Fibonacci retracement), but the recent weakness in Bitcoin may end up being short-lived if it holds above the moving average and defends the upward trend.
Failure to close below $29140 (38.2% Fibonacci extension) may push BTC/USD back towards $30490 (50% Fibonacci extension), with the next area of interest coming in around $31840 (61.8% Fibonacci extension).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.