FX.co ★ Weekly Bitcoin analysis.

Black lines- FIbonacci retracement levels

Bitcoin is trading below $25,000. Trend remains bearish. Price has recently broken below a major Fibonacci retracement level at $28,350. Bitcoin is trading below the key 61.8% retracement which was once support and now resistance. Bitcoin is heading towards lower levels. Price is expected to continue lower towards the 78.6% Fibonacci retracement level. Now that the key 61.8% level is broken, we remain bearish looking for price to reach the next Fibonacci level.