Blue line- trend line support
Green lines- Fibonacci retracements
Bitcoin pulled back towards the blue upward sloping trend line support after making a high at $17,428. Price turned lower towards the support area of $16,700 and is now bouncing. As long as price is above the trend line support, bulls hope for a move to a higher high. So far the bullish reaction to the sell off after the FTX scandal has been weak. Price has bounced towards the 38% retracement level and very fast came back down. Since then price is unable to stay above the 23.6% retracement. Price has started making a sequence of higher highs and higher lows and respecting the blue trend line is a positive sign. Next upside target could be the 38% retracement at $17,800. This is the most important short-term resistance. After that we see $19,230.
