Bitcoin got rejected at the major Fibonacci resistance at around $58,000-$59,000. Price also got rejected at the shorter-term 61.8% Fibonacci retracement at $57,250. So far bulls seem unable to break above resistance levels and this has put prices under pressure.
Red line - critical support
Blue lines- Fibonacci retracements
Bitcoin is under pressure. Price is about to challenge the important support trend line and if price breaks below it, we should see a sharp move towards $47,000 follow. The trend line support is at $54,000. In all our previous analysis we warned traders that as long as price is below the red rectangle resistance area, price would be vulnerable to a move lower as price has formed a lower high. Maybe time has come for a lower low below $47,000. In order for bulls to regain control of the trend, they will need to break above $58,000.
