The price of Bitcoin fell 5% yesterday after breaking the uptrend pattern and reaching below it. Prior to the crash, Bitcoin had managed to rise to the top of the $ 59,600 level.
to the the report Cryptopotito, the price of bitcoin has been fluctuating within the uptrend pattern in recent days. In most cases, fluctuations within this pattern lead to the breaking of the lower side; The same thing happened with the price of bitcoin.
After that, the price of Bitcoin began to fall, but was supported in the area of $ 54,755 (Fibonacci 0.382). This support can be clearly seen in the 1 hour chart.
It should not be forgotten that crossing the corner pattern will cause the bitcoin price to rise significantly. In this case, the target for the number one digital currency in the market will be the peak of $ 65,720.
On the other hand, a downward price break could lead to a drop to $ 51,800. This is where Fibonacci 0.618 and the 20-day moving average (MA20) are located. It is also likely to fall again to 46,000 to 47,000, which was the price level last month.
If buyers are able to push the price up to the February high of $ 58,355, the first resistance at the top of the corner pattern will be $ 59,600. After this resistance, the next resistance will be $ 60,000.
After $ 60,000, the levels are $ 61,781 (March highs), $ 62,300 (short-term Fibonacci 1,414), $ 62,960 (Fibonacci 0.886) and $ 63,770 (Fibonacci 1). 414) are located.
The first support for the Bitcoin price is at the bottom of the corner pattern, which is in the $ 57,000 range. Following this support, the 50-day moving average (MA50) is in the range of $ 56,765. $ 55,000, $ 54,755, which is Fibonacci 0.382, and $ 54,000, are other support areas for Bitcoin.
The Relative Strength Index (RSI) is located near the midline in the 4-hour timeframe, indicating a downward divergence. This may indicate that we will see downward fluctuations in the short term.