Green lines -Fibonacci retracements
Blue line- support trend line
Bitcoin is trading once again below $17,000 after reaching as high as $18,360. Price almost reached the 50% Fibonacci retracement of the decline from $21,470. Price has now broken below the upward sloping support trend line. Price has reached the important 23.6% Fibonacci retracement level where it was stuck for many days before the upward break out. Failure to hold above it will be a major bearish signal, because it will mean that the upward break out was a false one. The reversal from $18,360 can be the start of the next leg down. So traders need to keep their eyes on $16,760-$16,860 area. A break below this level will most probable help accelerate the decline.
