FX.co ★ Bitcoin rejected at key Fibonacci resistance.

Black lines- Fibonacci retracements

As we mentioned in our previous analysis, Bitcoin was approaching a key Fibonacci resistance level. Today price got rejected at the resistance and is pulling back sharply. There is increased pressure against Bitcoin. Current price action confirms the importance of the resistance at $22,680. Bitcoin can very well have formed a lower high and might be starting its next downward move that will bring price below $18,600. This remains our primary scenario as long as price is below $22,800.