Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the of $4375-4044, mentioned in our previous idea (https://www.tradingview.com/chart/BTCUSD...). Market is going through a lot of stress and it will take more time for it to calm down. While the is high, BTC/USD could go even lower, towards the 161.8% level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s.
Talking about the short term upside potential, Bitcoin could be reaching the $4550 . This is where the most trading occurred over this week, and also confirmed by the 61.8% . Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level.