Bitcoin has been
exposed to many negative events over the past few days, starting from Elon
Musk's tweets, through the statements of the President of the US Federal
Reserve and ending with the recent Chinese ban, while other countries are
currently included in the list of Bitcoin opponents
But it is noticeable
that Bitcoin has managed to hold a lot during the beginning of this week's
trading sessions and the momentum indicators are currently positive, Bitcoin
found a lot of support at 61.8% Fibonacci retracement 34785 and is currently
trying to rise towards 50% Fibonacci and this may need some time if the current
positivity continues, while the drop below 61.8 % Fibonacci will push Bitcoin
towards the bottom of the demand area at 16188, which is an area around which there
will be large volumes of purchase orders, but currently it does not seem that
Bitcoin is planning to head towards the bottom of the demand area as it is
currently defending the last support level before falling to the bottom of the
demand area
If Bitcoin can hold
above 61.8% Fibonacci, then that will be a clear indication of its ability to
hold, which will push more buyers to buy around this level, which may quickly
return Bitcoin above 50% Fibonacci. Let's start talking again about the
possibility of re-targeting 53000 and 60,000.
Currently, Bitcoin has
a clear crossroads: trading stability above or around the last support, or a
drop towards the bottom of the 16188 demand area.
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