Bitcoin aiming for another 1-Year Low

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea ( Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC /USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s.

Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level . This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement . Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level.