Bitcoin seems undecided today, but the perspective remains bearish, so you should stay away and wait for a fresh trading signal. Price changed little today, but maybe we’ll have another significant movement soon.
Bitcoin is located above a critical support area, a valid breakdown will announce a further drop and the rate will approach and reach the 2000 and maybe the 1000 psychological levels in the upcoming weeks. The next days could be crucial because now is the time to show some reversal signs, but as you already know, the perspective remains bearish because we don’t have any rebound signal.
Bitcoin is trading in the red and seems determined to resume the downside movement. The perspective remains bearish on the Daily chart after the WL2 retest. As you already know, the next downside target will be at the downside 50% Fibonacci line of the descending pitchfork. You can see that the price has found a very strong support at this line, but it remains to see how it will react this time. A valid breakdown below it will confirm a further drop towards the lower median line (lml).
Support can be found at 2980 as well and at the 350% Fibonacci line of the former ascending pitchfork. Actually, the rate could be attracted by the confluence area formed at the intersection of the near-term support lines.
We may have an aggressive rebound if the rate will make a false breakdown through the confluence area. A false breakdown below the 50% line or a failure to reach it will announce a bullish momentum as well. So, only a valid breakdown below the 50% line it will confirm a further drop.