The lower limit, mentioned in our previous analysis, triangle pattern has been broken. After that, the price dropped sharply. The textbook target for the triangle breakout might be set by the height of the pattern and could be located at 25188 USD.
However, we may find other potential support levels. Two of them could be set by the Fibonacci expansions. The first one 61,8 Fibo expansion at 31625 USD has been tested. The second one at 100 Fibo expansion below 28000 USD.
If one of these levels holds the recent drop, the bitcoin may once again try to move upward to 40000 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, we may find other potential support levels. Two of them could be set by the Fibonacci expansions. The first one 61,8 Fibo expansion at 31625 USD has been tested. The second one at 100 Fibo expansion below 28000 USD.
If one of these levels holds the recent drop, the bitcoin may once again try to move upward to 40000 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
