Bitcoin Chart Analysis
Bitcoin has been consolidating all weekend and has formed an even larger Symmetrical Triangle. We have broken out of this to the downside in the last few hours. Currently, we are at around $44,600 USD.
Over the weekend, volume continued to drop significantly. Tonight we had higher buying volume, but were immediately sold off again by the bears.
The technical price target of the Symmetrical Triangle is around 40,000 USD, which is close to our Golden Pockets (0.618 – 0.65 Fib. retracement level) mentioned in the last chart analysis.
We might still have some hope at the 0.382 Fib. Retracement level at around 43,800 USD could give us a little hope. Here we could potentially see a bounce to the upside. This could give us another bounce into the USD 49,000 – 50,000 area before we could be rejected again here.
The other possibility would be that we only see a small bounce and thus a retest of our Symmetrical Triangle. After this retest, we could then tackle our technical price target of around $40,000 with a possible short dip towards the golden pocket expected.