Friday, March 3, 2023
Green rectangle- resistance
Bitcoin is trading lower relative to yesterday as price made another rejection at the horizontal resistance of $23,800. Bitcoin is making lower lows and lower highs in the 4 hour chart. As we mentioned in previous posts, Bitcoin was vulnerable to more downside as long as price was trading below $23,800. Next key support is at February 13th low. Current price action confirms the importance of the resistance around $23,800. As long as we trade below this level Bitcoin will remain vulnerable to more downside. Bitcoin will most probable move lower towards $21,500 near the February low and where we also find the 38% Fibonacci retracement of the entire rise from the 2022 lows.
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