Bitcoin Analysis
During Wednesday’s daily trading session Bitcoin’s price declined less than 1% and when the day concluded, BTC’s price was -$166.
The BTC/USD 4HR chart by Obringer is the first chart of emphasis for this Thursday. BTC’s price is trading between the 0.786 fibonacci level [$16,770.87] and the 0.618 fib level [$17,776.12], at the time of writing.
Bullish traders have overhead targets on Bitcoin of 0.618, 0.5 [$18,482.20], 0.382 [$19,188.27], 0.236 [$20,061.88], and a full retracement at 0 [$21,474.03].
The pursuit of further downside by bearish traders continues as there’s been a tug of war between the $16k-$17k level for the last few weeks on BTC’s price. The primary downside target for bearish traders is BTC’s multi-year low on the BITSTAMP chart at 1 [$15,490.36].
BTC/USD 4HR chart: the price is trading between the 0.786 fibonacci level [$16,770.87] and the 0.618 fib level [$17,776.12]The Fear and Greed Index is 28 Fear and is equal to Wednes
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