After breaking the short-term uptrend line, Bitcoin correction deepened and made a correction to its recent uptrend to the level of 0.382. Supported at $55,800, due to divergences created in the lower timeframes, it experienced an upward movement and is now engaged in resistance at $58,500.
Our trend is downward and the upward movements of the price are corrective in the downward direction.
If the $58,500 resistance breaks, we set further targets and resistance on the price line with Fibonacci levels.
The next support level for Bitcoin is the uptrend line and the Fibonacci level is 0.5, and the previous level is in the range of $52.000 to $53.000 , which the price can test this range and then experience an upward B-wave.
Our trend is downward and the upward movements of the price are corrective in the downward direction.
If the $58,500 resistance breaks, we set further targets and resistance on the price line with Fibonacci levels.
The next support level for Bitcoin is the uptrend line and the Fibonacci level is 0.5, and the previous level is in the range of $52.000 to $53.000 , which the price can test this range and then experience an upward B-wave.
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