Bitcoin breaks below $30,000.

Bitcoin's recent price action justified the push below the $30,000 price level. In our previous posts we noted the increased chances of seeing a new decline towards $25,000-$15,000. Bitcoin remains under pressure specially since bulls were unable to break above their defenses.

Name: b-a-220621.jpg Views: 8 Size: 125.7 KB

Bitcoin is breaking below the May 19th low. Price is heading towards our first target at the 61.8% Fibonacci retracement at $26,800. As we mentioned in previous posts the 61.8% Fibonacci retracement is a very possible first target. Trend is bearish as long as price holds below $40,000. Until then bears are in control waiting for another decline towards $25,000-$15,000.




Name: 45.png Views: 7 Size: 15.5 KB
Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021