Blue line -resistance
Blue rectangle- support (broken)
Red lines- Fibonacci retracements
Bitcoin is back again below $20,000. Price bounced higher above short-term resistance the previous days but got rejected at the 50% Fibonacci retracement of the latest decline. Price has now broken again below the horizontal support of $19,500. As long as Bitcoin remains below the blue downward sloping trend line, it will remain vulnerable to more downside. The rejection at the 50% retracement and the sharp decline below the horizontal support, is a sign of weakness. Medium-term trend remains bearish. Bulls need to push above recent high but most importantly above the blue trend line resistance. Until then we remain bearish.
Relevance up to 13:00 2022-09-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
