Bitcoin is still struggling near the long-term weekly chart 61.8% Fibonacci level but momentum continues to decline. I'm still on the lookout for the next momentum-based move here.
BTC/USD weekly: the weekly chart's 61.8% Fibonacci is near the $8,000 level and Bitcoin has been struggling to hold near that region over the couple of weeks. Price action has pulled back significantly from the highs near $20,000 but note how momentum has been declining for all of that time and continues to do so. I'm on the lookout for the next momentum-based move on this time frame chart:
BTC/USD daily: the daily chart shows there has been momentum with this last leg lower and this is bringing the previous low, near $6,000, into greater focus. Whilst the 61.8% fib remains the bigger level to monitor, the $6,000 level will be one to watch for any potential support by way of a 'Double Bottom'. Thus, keep an eye on the $6,000 level for any new make or break:
BTC/USD Elliott Wave: the current price action is certainly not encouraging however I currently still see potential for BTC/USD to fulfill this Elliott Wave profile. However, any break and continued hold below the $6,000 level would undermine this set up.
Summary: BTC/USD is struggling to hold near the weekly chart's 61.8% fib level although momentum is declining on this time frame. There is bearish momentum still in play on the daily chart time frame and this is bringing the recent lows near $6,000 into focus for any new make or break move and, perhaps even, a potential 'Double Bottom'.
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