BTC: Analysis of the Current Price
Bitcoin is moving down. In the recent past, it failed to break the upper bar in the bearish triangle. This was followed by a drop of $2,000. After that, the cryptocurrency reached the support level of 32.5 thousand, provided by the Fibonacci index of 0.382
But everything started so well on Friday. The outlook for BTC was promising. Elon Musk added the tag "Bitcoin" to his Twitter profile. However, after a slight recovery of the cryptocurrency to 37.2 thousand, the coin collapsed into a descending triangle pattern.
BTC was trading at $34,000- $32,000 today. Key support levels of the first cryptocurrency to watch for: 32,500, 32,000, 31,200, 30,760, 30,322 dollars.
At $30,760, the Fibonacci level is 0.786. The base of the triangle is $30,000.
On the other hand, the resistance levels are: 33110 (Fibonacci index 0.382), 34,000 (the upper corner of the triangle, where Bitcoin could not break higher today), 34,450 (Fibonacci index 0.5), 35,000, 35,790 dollars.
Above this, the main targets of cryptocurrencies are 35,790 (Fibonacci level 0.618), as well as $36,000 and $37,100. The daily RSI is below the centerline and this is evidence of the growing influence of bear traders.