Blue line -resistance
Blue rectangle- support (broken)
Red lines- Fibonacci retracements
Bitcoin is back again below $20,000. Price bounced higher above short-term resistance the previous days but got rejected at the 50% Fibonacci retracement of the latest decline. Price has now broken again below the horizontal support of $19,500. As long as Bitcoin remains below the blue downward sloping trend line, it will remain vulnerable to more downside. The rejection at the 50% retracement and the sharp decline below the horizontal support, is a sign of weakness. Medium-term trend remains bearish. Bulls need to push above recent high but most importantly above the blue trend line resistance. Until then we remain bearish.
