From the 4 hour chart, we can see that the bitcoin broke the bottom of the triangle pattern. It also broke the previous low to high support at 28,166. Now, that level becomes the resistance. So as long as this level acts a resistance, bitcoin has some lower level targets. I drew the Fibonacci from high to low to high. You will see the fib level 0.618 (27,911), 1 (27,341) , 1.23 (26,997). So from the current resistance level to fib 1.23, it is about 4% downwards.
In now way this is a financial advice. It is my analysis. Any thoughts and feedback are much appreciated.
Thanks .. Enjoy trading.
In now way this is a financial advice. It is my analysis. Any thoughts and feedback are much appreciated.
Thanks .. Enjoy trading.