BTC/USD Vulnerable to Test of December Low
BTC/USD bounces back from a fresh monthly low ($38510), but Bitcoin may struggle to retain the advance from the December low ($37624) as the Relative Strength Index (RSI) sits at its lowest level since September.
BTC/USD Outlook
BTC/USD has fallen more than 18% from the monthly high ($49037) and the recent rebound in Bitcoin may end up being short lived as it no longer tracks the upward trend from last year.
A break/close below $38520 (161.8% Fibonacci extension) may lead to test of the December low ($37624), with the next area of interest coming in around $35920 (38.2% Fibonacci retracement) to $36980 (78.6% Fibonacci extension).
At the same time, a break/close above the $39830 (38.2% Fibonacci retracement) to $40310 (100% Fibonacci extension) region may push BTC/USD towards the 50-Day SMA ($41448), with the next area of interest coming in around $43350 (23.6% Fibonacci retracement) to $44130 (38.2% Fibonacci retracement).
BTC/USD Outlook
BTC/USD has fallen more than 18% from the monthly high ($49037) and the recent rebound in Bitcoin may end up being short lived as it no longer tracks the upward trend from last year.
A break/close below $38520 (161.8% Fibonacci extension) may lead to test of the December low ($37624), with the next area of interest coming in around $35920 (38.2% Fibonacci retracement) to $36980 (78.6% Fibonacci extension).
At the same time, a break/close above the $39830 (38.2% Fibonacci retracement) to $40310 (100% Fibonacci extension) region may push BTC/USD towards the 50-Day SMA ($41448), with the next area of interest coming in around $43350 (23.6% Fibonacci retracement) to $44130 (38.2% Fibonacci retracement).
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