Bitcoin has broken some trendlines extended at the bottom support channel, and now we look for support levels. Multiple Fibonacci charts (3 because anarchy), blue has Fib levels still intact since the start to the highest point, and that is where we will reside for a while. Red is the short term Fib Retrace from the most recent dip to the high. We were unable to top the previous high, and bounced off.
Next stop downwards, we see resistance at $8900, the next fib level down and also a chance for the 100MA to intersect. Price could bounce there and retest high. Otherwise, another jump down to $8500, and $7929 respectively.
Let's see what happens.
Next stop downwards, we see resistance at $8900, the next fib level down and also a chance for the 100MA to intersect. Price could bounce there and retest high. Otherwise, another jump down to $8500, and $7929 respectively.
Let's see what happens.
Note
Price has hit $8900, and bounced off, we do not see much volume, I do not see a reversal at this point. Look for prices to bounce up to $9400-$9440, up to $9600-$9800 before hitting major resistance. We are still in bearish pattern.
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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.