Bitcoin Price Analysis: Fibonacci support comes into play

Earlier today, bitcoin buyers failed to chew through offers just ahead of $10,000 following which sellers made a strong come back pushing prices down to Sunday’s low of $9,612.

Bitcoin did hold that support for a few minutes, but that failed to inspire the bulls. The cryptocurrency printed back-to-back weak bounces from $9,612 before breaking the floor and falling to an intraday low of $9,467. 

D1 chart

Zooming in on the 1Day chart shows the bears penetrated the support at $9,557, which marks the 23.6% Fibonacci retracement of the surge from December lows, but couldn’t establish a foothold under that level. 

At the time of writing, bitcoin is priced at $9,660 on Coinbase. That level is currently housing the rising trendline support. 

From trading perspective, short exposure can be built if prices settle today below the rising support, marking an end of the multi-week uptrend. A downside break of the trendline could bring in additional declines toward $9,078. 

Alternatively, a move above Sunday’s high of $10,048 would signal an end of the price correction and could bring in fresh bids, fueling a rise to $10,400-$10,522 range. 

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