On the Daily Chart Bitcoin (BTC) has been in a consolidation period over the past month since the December crash. BTC has been consolidating in our Whale Accumulation Zone between $46k & $52k failing to retest the 61.80% fibs @ $53k. Since the December crash, we have been waiting for strong price action to give more clues on the Short-term Bitcoin direction. From the current price @ $44,108, Bitcoin has broken down out of our whale accumulation zone.
Further to this the 13ema has failed to cross up above the 50 sma and the current short-term sentiment of BTC is bearish and it's important to note that we could see the previous levels experienced in the summer where we bottomed @ $28K, although we hold a bullish sentiment for BTC, it is not impossible to revisit these previous levels as current structure on the Daily chart is broken and BTC is currently retesting the 38.20% fibs @ $43k, the next level of support is at the 23.60% fibs @ $37k and it will be interesting to see how the BTC price reacts to this support level as this has proven to be quite a strong level of support. Previous at this support level, BTC failed to break above the $37k level 3 times from the May Crash until the bottom which we reached towards the the end of July @ $29k. We have seen this play before, lets see how this one plays out 🚀
Further to this the 13ema has failed to cross up above the 50 sma and the current short-term sentiment of BTC is bearish and it's important to note that we could see the previous levels experienced in the summer where we bottomed @ $28K, although we hold a bullish sentiment for BTC, it is not impossible to revisit these previous levels as current structure on the Daily chart is broken and BTC is currently retesting the 38.20% fibs @ $43k, the next level of support is at the 23.60% fibs @ $37k and it will be interesting to see how the BTC price reacts to this support level as this has proven to be quite a strong level of support. Previous at this support level, BTC failed to break above the $37k level 3 times from the May Crash until the bottom which we reached towards the the end of July @ $29k. We have seen this play before, lets see how this one plays out 🚀