Green rectangle- resistance
Violet lines- Fibonacci retracement levels
Bitcoin has a quiet weekend as price made no real progress. Price continued to move sideways after the sharp decline from $23,400 to $22,000. Short-term trend remains bearish and Bitcoin is still vulnerable to more downside. Price has started forming lower lows and lower highs. As we said in a previous analysis, as long as price is below the green rectangle, Bitcoin remains vulnerable to more downside. Our next downside target is at the 38% Fibonacci retracement at $21,520. Short-term support is at $22,170 and a break below this level will be a new bearish signal.
