BTC short-term big picture

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I just wanted to show a quick zoomed out picture of where the current support trend line is (yellow dashed line) that I have been mentioning lately relative to Fibonacci support.

Although I have generally been going off of the Fibonacci retracement levels based on the low from last March (which has the current retracement level nearer to 34K rather than 32K), I have been noticing that going back to nearer the beginning of BTC (where prices are much lower) looks to yield a pretty reliable match for the recent trend (I will probably go back to the previous levels for future posts).

That being said, as I stated yesterday, it looks like the current price is at a turning point to either bounce up or to break downward for which the Fibonacci retracement levels can be between 24K (as displayed) to near 27K (not displayed but is the retracement level based on the recent low near 4K).

There are lots of possibilities right now of course, as the price could buckle to the 0.78 retracement levels and beyond as well, particularly if staying in the current descending channel , but it looks like the next week to month will be critical to determine if indeed the short-term bull market is over or not based on if a continuation upward from the trend line occurs.

And of course, this is not meant as financial advice and is solely my opinion, but please like or comment if you agree or have any opinions.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.