Bitcoin keeps dropping like a needle and there is definitely more room to the downside. Golden rule states that after an impulsive move, a correctional move is needed. If we use the Fibonacci retracement tool, we can clearly observe that the price has been rejecting the area of 50% Fibonacci retracement and forming a top before another drop. As multiple confluences line up nicely, we are expecting for the price to continue dropping and reach the area of the $33k current Low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.