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Black lines- Fibonacci retracement levels
Bitcoin technically remains in a bearish trend. Over the last few weeks we have given several warnings to bulls that if specific price levels were broken, price would fall towards $20,000 and lower. In our most recent analysis we noted that a break below the 61.8% Fibonacci retracement was a new bearish signal and price was expected to continue lower towards the 78.6% retracement level. Price over the weekend has reached our target area and is now bouncing off support. The RSI from oversold levels is bouncing higher and this is normal after such a long down trend. The RSI has made new lower lows. There is no sign of a bullish divergence. This means that any upside bounce should be short-lived. Bitcoin price chart justifies a bounce towards $25,000-$27,000 but it will be considered as a counter trend bounce. Over the last few years we have witnessed such deep pull backs in Bitcoin price. It is not the first time we see a more than 70% decline after a strong rally. Is this time going to be different?In any case, I do not see the formation of a major low or the signs of a major reversal yet.
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