We are still in the bearish trend until the price of Bitcoin exceeds the $ 55,000 level. We can use Fibonacci levels as important parameters to determine the potential trend.
On the first Fibonacci setting, we see support at 61.8% level and additional support at 38.2%; then the price manages to form its all-time high, $ 69,000.
Bitcoin made a pullback and created a new low at $ 30,000 prices.
We now have another Fibonacci setting, and we see that at the 38.2% level, we have resistance in the zone around $ 48,000.
The price break above brings us up to $ 55,000 at the 61.8% level, and here we come across a very important zone that can be a turning point for the long-term movement of Bitcoin prices.
In the opposite scenario, if the price of Bitcoin fails to break above the 38.2% level, then we continue the bearish trend. We will re-test the previous support at $ 33,000, and we will probably see a break below in the price drop, maybe up to $ 20,000.
On the first Fibonacci setting, we see support at 61.8% level and additional support at 38.2%; then the price manages to form its all-time high, $ 69,000.
Bitcoin made a pullback and created a new low at $ 30,000 prices.
We now have another Fibonacci setting, and we see that at the 38.2% level, we have resistance in the zone around $ 48,000.
The price break above brings us up to $ 55,000 at the 61.8% level, and here we come across a very important zone that can be a turning point for the long-term movement of Bitcoin prices.
In the opposite scenario, if the price of Bitcoin fails to break above the 38.2% level, then we continue the bearish trend. We will re-test the previous support at $ 33,000, and we will probably see a break below in the price drop, maybe up to $ 20,000.
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