BTC has now dumped more than 25% from its recent ATH of $64,899 and in the last 24Hrs, it has dipped ~11%. Weekly MACD is also turning bearish which depicts that the short-term trend has turned negative for BTC.
However, the overall market trend is still looking positive on the larger TF’s and these corrections are a part of the trading cycle. Currently, BTC is taking support from its 50% Fibonacci retracement levels which are placed at $47,730.
As long as BTC stays above this 50% retracement level, the major trend should stay positive and for the next trading sessions, sideways movement can be expected. However, if it breaks this support level, the market trend will turn bearish and can reach the level of $45k followed by $42k.
On the higher side, the immediate hurdle is placed at $50k and if it decisively breaks this level, further upside momentum can continue till the level of $54k followed by the next level of $57.5k.
However, the overall market trend is still looking positive on the larger TF’s and these corrections are a part of the trading cycle. Currently, BTC is taking support from its 50% Fibonacci retracement levels which are placed at $47,730.
As long as BTC stays above this 50% retracement level, the major trend should stay positive and for the next trading sessions, sideways movement can be expected. However, if it breaks this support level, the market trend will turn bearish and can reach the level of $45k followed by $42k.
On the higher side, the immediate hurdle is placed at $50k and if it decisively breaks this level, further upside momentum can continue till the level of $54k followed by the next level of $57.5k.