Bitcoin has retraced up to the Fibonacci 0.382 level, suggesting that the recent move to the upside is likely a corrective bounce, not a new bullish trend.
Despite the price recovery, trading volume hasn’t increased, which supports the idea that this is just a temporary relief move within the broader downtrend.
If the price starts declining again but red candle volume remains weak, it could indicate that the bearish momentum is fading and the downtrend may be ending.
However, if red candles become larger than green ones and volume increases, that would confirm that selling pressure remains strong.
The current retracement could extend to the Fibonacci 0.5 level, around $110,195.
If the price breaks above this level and sustains it, I’ll consider the downtrend invalidated — meaning we may enter a new phase, either sideways or bullish.
For now, the short trigger remains at $106,121, though it’s still a bit far.
I’ll update the analysis if a new trigger appears.
As for long positions, I prefer to stay patient and wait for a clearer structure to form.
Despite the price recovery, trading volume hasn’t increased, which supports the idea that this is just a temporary relief move within the broader downtrend.
If the price starts declining again but red candle volume remains weak, it could indicate that the bearish momentum is fading and the downtrend may be ending.
However, if red candles become larger than green ones and volume increases, that would confirm that selling pressure remains strong.
The current retracement could extend to the Fibonacci 0.5 level, around $110,195.
If the price breaks above this level and sustains it, I’ll consider the downtrend invalidated — meaning we may enter a new phase, either sideways or bullish.
For now, the short trigger remains at $106,121, though it’s still a bit far.
I’ll update the analysis if a new trigger appears.
As for long positions, I prefer to stay patient and wait for a clearer structure to form.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.