Bitcoin (BTC) has another day behind it, thanks to which the structure from the last few days is already easily recognizable. The growth itself, which lasts several days, only acts as an ordinary counter-trend. Bitcoin doesn’t have much room anymore, so if it doesn’t break close resistance soon, it’ll probably be at least a $ 47,000 retest.
Fibonacci retracement (levels of return) – Technical analysis
Current situation at 4H BTC / USD
We obtained not only the reaction of the course to the monitored ones resistancewhich is around $ 52,500, but it is possible to identify the structure that is forming in the chart over several days. Growth is simply ordinary retracementu. We certainly can’t say that we won’t break that $ 52,500, but rather it won’t be right away. At the moment, it seems more likely that we will go for another $ 47,000.
And it is the reaction at this level that is absolutely crucial. If we see a solid defense of support and the result of the effort is successful, we can count on a new attempt to break $ 52,500 in the near future. It is not about anything else at the moment, it is simply necessary to monitor the reactions at S / R levels. Then everyone can make their own estimate according to the form of market response.
In any case, the structure is strikingly reminiscent of a bear flag. In other words, we have before us a small pattern, after the completion of which the price decline continues. But I would venture to say that the $ 47,000 can handle a possible retest.
In conclusion
Bitcoin is not in a good situation at all. There’s not much going up, and there’s not much going on right now that the downturn should stop for good. But we will discuss the whole situation more this evening stream. There will be much more time for that.
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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