Blue line- support trend line
green lines- Fibonacci retracements
Red lines- equal size advances
Bitcoin is trading around $16,910. Short-term trend is bullish as price is making higher highs and higher lows. Price broke above the 23.6% Fibonacci retracement level yesterday and today is back testing this break out. Support by the blue upward sloping trend line is found at $16,400. Holding above this level is key for the short-term bullish momentum. Next upside target is the 38% Fibonacci level at $17,800. Bulls continue to hold a waiting stance after the FTX scandal as the entire crypto space got hurt by the bankruptcy. Technically this upward bounce is only a pause to the bigger down trend.
