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09.09.202216:59 Forex Analysis & Reviews: Short-term Bitcoin analysis for September 9th, 2022.

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Black lines- Fibonacci retracements

Bitcoin has completed the decline from $25,000 and is now bouncing higher. So far price has retraced 38% of the decline and has potential to bounce even higher towards the 61.8% Fibonacci retracement level at $21,900. Support is at recent lows of $18,500. Bulls need to defend this level. A break below this level will produce a new sell signal. Bulls need to break above the 78.6% Fibonacci retracement resistance in order to hope for a bigger bounce above $25,000. Bears on the other hand want to see Bitcoin form a lower high and then break below recent lows. This would open the way for a move towards $15,000-$12,000.

Alexandros Yfantis
Analytical expert of InstaForex
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