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The Bulls couldn’t turn 57500$ into Support as the price fell back below it once a rejection from Fib. 0.618 has occurre

On its way down BTC punched through the Trend-Line, signaling a possible trend change. This got confirmed not long after, as the price dropped down to the 55k area, creating the first Lower Low on the chart, allowing the Bears the take control over the direction of BTC.

The low 53K area has to be defended by the Bulls to have a chance to turn things around as a significant Low is located in this region and if it is lost, then the probability of BTC falling back down towards the 51K Support Level would increase significantly.

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#crypto #cryptocurrency #btc #bitcoin #trading

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