Bitcoin aiming for another 1-Year Low
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Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (tradingview.com/chart/BTCUSD/X6NSamsB-Bitcoin-hitting-Massive-Long-Term-Support/). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement 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 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. 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 above4K level.
Support:
$4385
$4055
Resistance:
$4555
$4646
$4700
$5000
Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (tradingview.com/chart/BTCUSD/X6NSamsB-Bitcoin-hitting-Massive-Long-Term-Support/). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement 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 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. 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.Support:
$4385
$4055
Resistance:
$4555
$4646
$4700
$5000
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