FX.co ★ Bitcoin can make back test of break down area around $19,000.

Red lines- trading range

Blue lines- Fibonacci retracements

Bitcoin provided a new bearish signal on November 8th by breaking out and below the trading range it was in since June 2022. Short-term trend is bearish. However due to Dollar weakness, Bitcoin bulls have managed to push price higher from the $15,622 low from November 9th. So far bulls have managed to push price up to the 38% Fibonacci retracement level at $17,800 area. It is very probable if the Dollar weakness continues, for Bitcoin to continue higher towards the 61.8% retracement where we can see a back test from below at the lower range boundary around $19,000. If bulls manage to recapture both the 61.8% retracement and stay above $18,500-$19,000, then we will be talking about a fake break down. This would be very good news for bulls as the breakdown will be considered a trap.