Can Bitcoin Make Another A Slightly Higher Highs?

Bitcoin remains vulnerable to another break down

Black lines- FIbonacci retracement

Bitcoin continues its upward bounce that started last week at $18,550. Bitcoin has so far retraced more than 50% of the decline from $25,200. The important Fibonacci resistance level is at the 61.8% retracement at $22,680. Bulls need to recapture this level in order to hope for a bigger reversal higher. Bitcoin is approaching the key Fibonacci resistance. The RSI has reached overbought levels and justifies a pause in this upward movement. Most probable scenario is for Bitcoin to pause the rise here or make a slightly higher highs, and then turn downwards to retest recent lows. We continue to believe that this is only a counter trend bounce.

Read more: https://www.instaforex.eu/forex_analysis/292400

 

Relevance up to 15:00 2022-09-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more: https://www.instaforex.eu/forex_analysis/292400

Bitcoin remains vulnerable to another break down

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