What is the feeling this morning?
The market is down since yesterday's peak at $218 billion. Indeed, after having gone from $214 billion to $216 billion overnight, its market capitalization is back to $214 billion.
The Bitcoin failed under its resistance at $6550 yesterday and is currently testing its support at $6460. The technical situation 1h is now negative with a that crossed downwards, just like the WaveTrends while the approaches the -100 zone from above.
From a Fibonacci point of view, using the extension tool, we notice that prices have rebounded to the 23.6% level. If the support were to be broken, the 38.2% at $6365 would be the next target. The technical indicators for the 4-hour horizon also show signs of weakness.
So be very careful because the market presents risks of short-term downside, so don't forget your stop-loss!