Bitcoin Analysis
Bitcoin’s price printed a fifth straight daily candle in negative figures on Monday and when the day’s session concluded, BTC’s price was -$217.
The BTC/USD 4HR chart below from rovamad is where we begin Tuesday’s price analyses. BTC’s price is trading between the 2 fibonacci level [$15,554.91] and 1 fib level [$18,522.40], at the time of writing.
Bullish BTC market participants really need a shot of life right now in the short-term and the 4HR timescale was suggesting that a breakout and retest of the $18k level was potentially about to unfold. We haven’t seen that rally yet however and bulls need to retest the 1 fib soon or risk a trip down to test the bottom of the 4HR channel at the 2.618 fib level [$13,721.00].
The overhead targets for bullish BTC traders are the 1 fib and 0 fibonacci level [$21,489.88].
Bearish traders contrariwise have their sights on the 2 fib level and then the 2.618 fibonacci level.
BTC/USD 4HR chart: the price is
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