BTC Bears Have Taken Back Control
Bitcoin is looking weak, with part of wave (C) having already formed, a good target for the downside would be the intersection between the "Golden Ratio" of 1.618 * the length of (A) taken from the top of wave (B) AND the 0.382 retracement of the entire move upwards from 15k to 31k. This intersection is shown by the green box at a price of 23760.
In addition, we also see that a large volume of bitcoin has been traded at this price point (see the arrow on the left pointing to the volume profile bar). When price reaches these large spikes in the volume profile it tends to find support and move sideways.
In summary I believe it is likely that bitcoin will drop to 23760 and find support there for a while.
I hope this analysis helps you all, thank you for reading and best of luck!
In addition, we also see that a large volume of bitcoin has been traded at this price point (see the arrow on the left pointing to the volume profile bar). When price reaches these large spikes in the volume profile it tends to find support and move sideways.
In summary I believe it is likely that bitcoin will drop to 23760 and find support there for a while.
I hope this analysis helps you all, thank you for reading and best of luck!
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