Bitcoin Price Weekly Analysis - Risk of Bounce Grows
Bitcoin price this past week surged higher and traded near $460 where sellers appeared to defend more gains. The price after a failure to break the stated level started correcting lower. It already moved down and tested the 50% Fib retracement level of the last wave from the $26 low to $460 high. Let us see whether the 50% Fib level can protect a downside break or not. However, there is a major support forming near the 61.8% Fib retracement level of the last wave from the $426 low to $460 high, which is coinciding with the 100 simple moving average (H2).
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