Blue lines- Fibonacci retracements
Red lines- trading range
Bitcoin is trading around $16,500. After the sharp decline following the FTX scandal. Bitcoin is trading sideways between the 38% retracement and the recent lows at $15,550. Similar price action did Bitcoin have when price sold off below $28,000 and fell towards $18,500. Bitcoin traded sideways for more than 4 months. This breakdown is in a smaller time frame, but the behaviour is very similar. After the low from November 10th, price has no clear direction as volatility has decreased sharply and price is mostly moving sideways. The recent lows have been tested and respected. Bulls on the other hand do no seem strong enough to break the 38% retracement level. Traders of Bitcoin should show patience.
