Green lines -Fibonacci retracement
Blue line- support trend line
Bitcoin is trading around $17,200 as price continues to respect horizontal support around $16,900. Price continues making higher highs and higher lows as price respects the upward sloping support trend line. Bulls have managed to recapture the 23.6% Fibonacci retracement and looks like they are heading towards the 38% retracement level. The 23.6 retracement level used to be a key trading range resistance and now its a key short-term support. $17,800 is our next short-term target.
