Yesterday Bitcoin repeatedly tried to rise above an important technical level that had been outlined here a few times this week and before. That level was at 46,847 and represented the 50% retracement of the entire downward move, from 64,869 to the low of 28,824. The high seen yesterday was set at 46,768. Failure to cross this price point helped trigger another downward move to date. Shortly before, the price fell below 45k again, hitting a session low so far at 44.862. As 46,847 continues to hedge the upside, there is a risk of a deeper retracement that fits into the price action. Bitcoin is now trading at 44,950.
The setting is slightly negative. As usual, I am attaching the levels for intraday trading.
Chart from tradingview.com
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