BTCUSD broke out of the consolidation area previously discussed, but the move to the upside was held by the downward trendline and the 38.2% Fibonacci retracement level (yellow dotted line).
Although the bullish trendline has been broken, the upside for BTC is still anticipated, as long as the price stays above the support level of 28830.
If BTC does break below the support level, there could be significant downside potential, with the next key support levels at 28000 (50% Fibonacci retracement) and 27300 (61.8% Fibonacci retracement).
Although the bullish trendline has been broken, the upside for BTC is still anticipated, as long as the price stays above the support level of 28830.
If BTC does break below the support level, there could be significant downside potential, with the next key support levels at 28000 (50% Fibonacci retracement) and 27300 (61.8% Fibonacci retracement).
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