Bitcoin can drop to 49694 USD
BTC 1D chart presents two sets of Fibonacci retracement levels. The thicker lines correspond to the broader price range, with the key 0.618 Fibonacci level situated around $50,800. Potential further supports are at the 1.272 and 1.414 Fibonacci extension levels, which lie around $49,300 and $49,100 respectively.
The thinner lines represent a shorter price range, mapping out an ABC correction structure where wave A is the initial downward move, B is a retracement, and a potential wave C could bring the price down to the 1.618 level near $49,694 if the current consolidation resolves to the downside.
Price is currently hovering around the 0.382 level of the shorter Fibonacci range at approximately $51,100, suggesting this area as a current resistance. A breakthrough this level could lead to tests of higher resistance levels.
The RSI is below the 50 mark, indicating bearish momentum, and the MACD is under the zero line, confirming the negative momentum. Monitoring price behavior at these levels will help assess the strength of the bearish trend and potential subsequent price movements.
The thinner lines represent a shorter price range, mapping out an ABC correction structure where wave A is the initial downward move, B is a retracement, and a potential wave C could bring the price down to the 1.618 level near $49,694 if the current consolidation resolves to the downside.
Price is currently hovering around the 0.382 level of the shorter Fibonacci range at approximately $51,100, suggesting this area as a current resistance. A breakthrough this level could lead to tests of higher resistance levels.
The RSI is below the 50 mark, indicating bearish momentum, and the MACD is under the zero line, confirming the negative momentum. Monitoring price behavior at these levels will help assess the strength of the bearish trend and potential subsequent price movements.
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