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13.05.202215:19 Forex Analysis & Reviews: Analysis on Bitcoin current market conditions.

Bitcoin is trading again above $30,000 after falling as low as $25,000. Short-term trend remains bearish as price continues making lower lows and lower highs. Price has retraced more than the 61.8% of the entire upward move but price remains above the 61.8% level.

Exchange Rates 13.05.2022 analysis

Black lines -Fibonacci retracements

On a monthly basis staying above $26,000 is very important. Respecting the 61.8% Fibonacci retracement is key. At 61.8% retracement levels we usually see trend reversals. It is too early to call a major low for Bitcoin, but we are certainly at a price junction where such a reversal is possible. Traders need to pay close attention to shorter term time frames to try and identify the reversal sooner. As long as price is below $40,000 we are pretty sure that bears will remain in control of the trend.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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