BTCUSD: If the current low of $3,474.33 holds on this chart, which indicators show that it is unlikely to do so, the 50% Fibonacci level becomes key resistance moving forward. The price will have to trade above this level and even the 61.8% level to consider a trend change back to the bulls. The bearish trend continues, and with an ADX still showing strength for trend the next previous historical low becomes the next target (or key support level).
Price is likely to drop even further than the next target, so internal indicators will have to be analyzed when tested.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.