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After hitting a new all-time high on Monday, the Bitcoin price has been rejected from a multi-year trendline. Losing $5,500 since the top, this is still a very shallow dip. Is there more to come, or are Bitcoin bulls ready to push $BTC up into price discovery?
Deeper dip, or back to the highs from here?
Source: TradingView
The 4-hour time frame for $BTC shows that so far this is a very shallow dip. According to the Fibonacci extension levels (in blue) the price has only just dipped below the 0.236 Fibonacci, which is the first of the levels. If the price heads back to the top from here it would be extremely bullish.
That said, deeper reversals are healthier and would generally lead to more sustained upside price action over the longer term. Therefore, if the price did continue to fall, at least to the 0.382 Fibonacci which coincides with good support, and even better to the 0.5 Fibonacci level, the next swing high could contain more power and momentum.
Nevertheless, the pr

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