After today’s consolidation in the 44787.66 – 47483.28 range, marked with red dotted lines, BTCUSD quotes have broken through its lower border. The 4-hour chart does not yet show a clear consolidation after the breakout, while the 1-hour chart shows a bearish candle below the level.
Nevertheless, it is too early to draw final conclusions that the growth has ended. But if we assume that the consolidation below 44787.66 will take place and the price will move down even further, the following scenarios are possible.
The first is reaching the 100 Fibo Expansion level and turning upwards from it. If it does not stop the price and the BTCUSD continues to fall, then they may stop at the previous high – the 41980.24 level and turn around from it.
The third scenario is a breakdown of the 41980.24 level, consolidation below it. If this horizontal is confirmed as resistance, then we can expect Bitcoin’s price to sharply weaken.
However, this is a perspective based on the current information available. These are assumptions that might be insufficient enough for you to open a trade, but instead it provides guidance and understanding of what needs to be monitored. Tomorrow, when we are likely to have clarity as to which side of the local level of 44787.66 the price will settle in, the forecast may change.
The material has been provided by InstaForex Company – www.instaforex.com
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