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Today’s report will include:

BITCOIN Technical Analysis
Market Psychology
Trading Tools

Bitcoin High Time-frame Range

This corrective piece of price action should be of no surprise, Bitcoin simply remains trading range bound now testing a key support area. The current consensus is that price action will have a bounce before continuing the correction further.

Points to consider,

HTF POC Support
HTF .618 Fibonacci Support
Value Area High Resistance
Range Low Objective

In this current moment, Bitcoin is testing the POC and .618 Fibonacci Support that is situated at the range mid. Continued candle closes above the .618 Fibonacci will signify short-term strength for a bounce.

This will be considered a relief bounce to reset oversold conditions into the .618 Fibonacci Resistance. The value area high is also in confluence which gives merit for another rejection that will ultimately lead to a full rotation towards the range lows.

The overall objective for Bitcoin remains the range low situated around the $88,800 region. Price action is still considered rational in a high time-frame range, any rallies are likely to be sold into.

Hope this analysis helps.

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