Red lines- trading range (broken downwards)
Blue lines- Fibonacci retracements
After an eventful week for the crypto space, prices naturally did not react well to the FTX collapse. As we mentioned last week, Bitcoin price provided a new bearish signal as price broke down below the trading range it was in for the last few months. Bitcoin sharply fell towards $15,000 and then bounced towards the 38% Fibonacci retracement level and lower range boundary as a back test. Price reached again very close to last week's lows earlier today, but during the last few hours we see price being supported and pushed higher. Resistance remains at $17,800-$18,000. A break above this level can lead BTCUSD towards the 61.8% retracement level at $19,210. Support remains key at recent low of $15,780. Failure to stay above this level might lead BTCUSD towards $12,000.
