We have two drops on this chart. The one of the left is more extended and long lasting compared to the one on the right. When a move is sudden with major force, it tends to end suddenly as well.
The recent drop was very steep and the force needed to keep pushing prices lower cannot be maintained, it requires too much energy; for this reason, a higher low is in place and the bulls win the game.
The action is happening above the blue line and space on the chart, this is the 0.618 Fib. retracement support. This is the most important level and so far it holds. Prices went below just to recover. Can be called a failed signal or a bear-trap, whichever you choose, the action is bullish above this level and bearish below.
Bitcoin’s main support stands around $102,663, this level was not challenged. Since bears failed to push prices lower, the next logical move is a challenge of higher resistance. And the same pattern repeats, up and down, up and down… This is the short-term noise. When all is set and done, Bitcoin will resolve going up.
Patience is key.
Thank you for reading.
Thanks a lot for your continued support.
Namaste.
