Wednesday, March 8, 2023
Violet lines- Fibonacci retracements
Blue lines- bearish channel
Green rectangle- resistance
Bitcoin is trading around $21.980 having already made a new lower low. Short-term trend remains bearish. Price has formed a downward sloping channel. Our first warning signal for the short-term trend came when price broke below the horizontal support at $23,665. Bitcoin remains vulnerable to a move towards the 38% Fibonacci retracement. Resistance by the upper channel boundary is found at $22,675. The RSI did not make a new lower low today despite price making a new low. This is the first bullish divergence signal. We expect to see more. This is not a reversal signal.
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