Bitcoin is trading again above $30,000 after falling as low as $25,000. Short-term trend remains bearish as price continues making lower lows and lower highs. Price has retraced more than the 61.8% of the entire upward move but price remains above the 61.8% level.
On a monthly basis staying above $26,000 is very important. Respecting the 61.8% Fibonacci retracement is key. At 61.8% retracement levels we usually see trend reversals. It is too early to call a major low for Bitcoin, but we are certainly at a price junction where such a reversal is possible. Traders need to pay close attention to shorter term time frames to try and identify the reversal sooner. As long as price is below $40,000 we are pretty sure that bears will remain in control of the trend.
