Bitcoin Price Analysis: After Wild Weekend Action, BTC Is Back Facing Same Critical Resistance – What’s Next?
Bitcoin price had a wild weekend: After losing the $6,000 support, Bitcoin plunged onto the next mentioned support level, and since then, saw a decent come-back to the price area the plunge started from. To conclude this, it was a wild ride going back to the same destination. Following our most recent price analysis, we mentioned that ‘new lows’ below $6K are coming up soon. This weekend saw BTC recording $5850 as the current new weekly low, and it’s not a coincidence. The $5900 area holds strong support since it’s also the 38.2% Fibonacci retracement level from the huge dump of March 12. Looking at the following daily chart, the two primary Fib levels – 38.2% (~$5900) and 61.8% (~$7168) were playing out well as support/resistance levels. Still Correcting The March 12 Damange On a macro-level, we will have to see Bitcoin establishing its price above the latter – $7168 – in order to overcome the price plunge from the night of March 12 . Until then, the short-term trend is bearish, i...
