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Green lines- Fibonacci retracements
Blue line- support trend line
Bitcoin is trading below $17,000. Price is challenging the upward sloping support trend line. Bulls do not want to see price break below $16,700 as this would be a sign of weakness. Price is still unable to reach the 38% Fibonacci retracement of the entire decline since $21,470. As long as price is above the blue trend line, bulls have hopes for another run higher towards the 38% retracement. Resistance is found at $17,130. Zooming out it feels like Bitcoin is still moving sideways after the FTX scandal sell off and it has formed another bearish flag pattern. Yes price remains supported but there is also no sign of strength by bulls. Price continues trading sideways with not enough strength to start making higher highs and higher lows in higher time frames. Bitcoin remains vulnerable to a decline towards $12,000.
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