Bitcoin (BTC) therefore remains close S/R level $ 47,000 and at the moment it doesn’t look like much of a reflection. Respectively, the attempts were here, but not very successful. On the other hand, we know that there are still active shoppers around the said level. But will it be enough? Or is testing $ 42,000 inevitable?
Fibonacci retracement (levels of return) – Technical analysis
Current situation at 1D BTC / USD
The last three days have been pretty bad for Bitcoin. Monday’s candle is near the S / R level of $ 52,500 and is in shape Gravestone Doji, which is clearly a negative form of closure. In other words, it was clear that the shoppers had failed on the second attempt – the first took place at Christmas and with the same result.
Tuesday’s red candle was very bearish due to its close. It was quite long and mainly full shape. We are very reluctant to see such candles because they tell us that the bears have completely won over the bulls. Wednesday is also declining, but support of $ 47,000 has slowed the fall in prices again.
But so far there has been no decisive reflection. The market tried to do so yesterday afternoon and the attempt looked promising for a while. But very quickly, the shoppers lost their strength and the sellers took the initiative again. However, there was no complete breakthrough, and we are still on support at the moment.
Indicators
On RSI indicator we fell below the support zone, which was around 42 points. On MACD it’s also not good at all, because the positive momentum has weakened terribly, which leads to a bearish cross.
In conclusion
Of course, no one sees the future, but in these circumstances, it is indeed rational to more or less calculate with the possibility of a second testing of the $ 42,000. However, this is a very strong level that should not fall easily. But we will discuss the whole situation more today in evening stream.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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