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Forex Analysis & Reviews: Bitcoin continues to move sideways around $20,000.
time 29.09.2022 10:41 AM
time Relevance up to, 30.09.2022 10:41 AM

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Blue line- resistance

Red lines- Fibonacci retracement levels

Blue rectangle- pivot area (support-resistance)

Bitcoin are making another attempt to recapture $20,000. Price is moving around the $19,000-$20,000 area over the last few days with no clear direction. Medium-term trend remains bearish as price continues to stay below key resistance trend lines. If bulls manage to push above the blue rectangle area, then we should expect Bitcoin to rise towards the blue downward sloping trend line and the 61.8% Fibonacci retracement level. Another rejection at the blue rectangle area will open the way for another dip towards recent lows of $18,600. Over the last few weeks Bitcoin has managed to respect support around $18,000. Failure to do so will open the way for a move towards $12,000-$10,000.

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