The Bitcoin price did manage to tap $117,000 late on Monday, but the bears firmly rejected this rally attempt and squashed the price back down even further to $114,600. Will the bears continue to win these battles or is a much more definitive bounce coming for Bitcoin?
$BTC price tests the 0.786 Fibonacci level
Source: TradingView
The 4-hour time frame for the $BTC price shows how messy the bull flag is becoming. Fakeouts to the top and bottom have resulted in the price generally chopping sideways rather than angling down. That said, the price is now back inside the flag, and a quick escape attempt to the upside by the bulls was met at the top of the flag by the bears and rejected soundly.
What we’ve now seen is the price retest the 0.786 Fibonacci level. The initial bounce from this support needs to gain strength and head back up again. If this does not hold, the price could slip back down to the bottom of the flag, which could coincide with the $112,000 support.
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