Crypto

Yesterday, after spending 8 weeks with extremely low levels of volatility, Bitcoin broke from its dormancy with a sharp break to the downside.

On a short-term daily candlestick chart with a simple Fibonacci retracement spanning from $24,750 up to $31,862, we can see that the 38% retracement level at $29,145 has been acting as support for the entire last week and the start of this one. This also matches up to the 50-day moving average and the top of our Ichimoku cloud.

BTC is at a precarious price precipice, traders who are tolerant to slightly riskier swing trading should do as follows.

Short-term Forecast