December 4, 2022

Forex Solution

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Bitcoin moves toward support targets

1 min read

Trend line.  Retracement level approached

The price bitcoin is currently trading down around $1300 or -2.94% of $43,500. The low price reached $42,535.16.

Trend line.  Retracement level approached

The move to the downside has taken the price closer to a lower channel trendline which cuts across at $42,389.  Yesterday the price did dipped below that trendline level, but found support against the 61.8% retracement of the 2021 trading range at $41,929.59.

A move below both of those levels would open the door for further downside in the digital currency. Traders would start to eye the rising 200 day moving average at $39,695.48. You have to go back to April 2020 for the last time the price of bitcoin traded below its 200 day MA (albeit at a much lower level). The 200 day MA at that time?  Around $7986.

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