Last week, the bulls took a small revenge for the defeat of the previous weeks. The price of Bitcoin, after reaching just above $9000, rebounded down from the 38th Fibonacci level.
Bitcoin is now at the 23rd Fibonacci level. The trade is below the trend line. RSI indicator shows the price moving downwards, while MACD is in the negative zone. Based on that, it’s safe to say that Bitcoin continues a consolidation within $7000-11600 range.
Most likely, Bitcoin rate will continue to decrease towards $6400 with a short-term drop to $5800. In case of growth, the target is at $9500 with a jump over $10000.
Our price analysis is for information purposes only. Please make the Bitcoin purchase and investment decisions independently at your own risk.