Bitcoin 38.2% Fibonacci Retracement

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin made a high of around $19.5k and crashed by about 15% from there. This indicates a shift to short-term bearish sentiment.

21 Week moving average is around $12500. In 3-4 weeks, it would increase to $13800. Bitcoin should take support from the 21-week moving average and 38.2% Fibonacci level of $13.8k which is our target.

If the high of $19.5k is taken down, then the short position must be closed.

Trade active: Shorted at price: $17744.2