Relevance up to 22:00 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.
Blue line -long-term support trend line Green rectangles- horizontal support levels Red rectangles- horizontal resistance Black line -resistance trend line Bitcoin has so far retraced more than 61.8% of its entire upward movement from its lows to the recent all time highs. Price technically remains in a bearish trend making lower lows and lower highs. The last few weeks price is stuck around $18,000-$23,000 with no real progress. Price has stopped its decline right on top of the horizontal support by the 2017 highs. Trend will remain bearish on a weekly basis as long as price is below the black trend line and below the red horizontal resistance around $28,000. If Bitcoin price breaks below the recent lows, we should then see price fall towards the next green horizontal support around $12,000.
