-
Bitcoin Price Analysis: Reversal Still Possible?
Bitcoin recently broke below a short-term rising trend line to signal that a reversal from the uptrend is due. Price has pulled up for a retest and the broken support is holding as resistance, possibly sending price down to the next downside targets. Applying the Fib extension tool on the breakdown shows where bears could take bitcoin next. The 50% level lines up with the swing low around $3,800 which might be the first take-profit point. Stronger selling pressure could take bitcoin to the 61.8% level at $3,737.50 or the 78.6% level at $3,649.80. The full extension is at $3,538.0. The 100 SMA is still above the ... (full story)