BTC bounce as expected from the $40,000 support area towards $45,000 where we find the 61.1% Fibonacci retracement of the latest decline from $49,000. Price got rejected at the Fibonacci resistance and is now challenging recent lows.
Price has fallen sharply from $45,000 to $41,000 and if price breaks below the recent lows at $39,497 we will have a new bearish signal. If support fails to hold, i expect bitcoin to fall further towards the Fibonacci extension target of 100% at $36,000-$35,700. As i stated in our last analysis on Bitcoin, we remain bearish as long as price below $49,000.
And also there is price inefficiency from $43.970-$41200. price might have to come back and clear it before the trend continues effectively.
Breaking above our white resistance line is needed in order to confirm a trend reversal. Until then bears are still in control.
Trade with caution by applying proper risk management. Trade wise.....
Price has fallen sharply from $45,000 to $41,000 and if price breaks below the recent lows at $39,497 we will have a new bearish signal. If support fails to hold, i expect bitcoin to fall further towards the Fibonacci extension target of 100% at $36,000-$35,700. As i stated in our last analysis on Bitcoin, we remain bearish as long as price below $49,000.
And also there is price inefficiency from $43.970-$41200. price might have to come back and clear it before the trend continues effectively.
Breaking above our white resistance line is needed in order to confirm a trend reversal. Until then bears are still in control.
Trade with caution by applying proper risk management. Trade wise.....
Comment:
The reason for Bitcoin dump today was because of the China band of Crypto which is fundamental. Fundamental is what we can do without so keep holding your position Bitcoin would still bounce back...