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BTCUSD is pulling back. After an all time high at $41,905 price is now trading again below $30,000. We use the Fibonacci retracement tool to identify the first important Fibonacci level where we expect price to pause this decline.
BTCUSD weekly chart shows that we are in a third consecutive negative performance week. The 38% Fibonacci retracement level is our first pull back target. This level is at $27,250. The RSI is turning lower from oversold levels. Traders looking to go long BTCUSD should be patient as in the short-term we expect more downside to be seen. Next major support is around $20,000 where we find the 61.8% Fibonacci retracement and the previous all time highs. Breaking below the 38% Fibonacci level will increase chances of pushing lower towards $20,000. Traders now need to be patient.
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