Bitcoin has been falling in value in the past week but what has some investors going into a panic mode, others see as a very healthy behaviour for the cryptocurrency and another buy opportunity.
Bitcoin has fallen to almost $11,000 from a high of just below $20,000 but it is no regaining a bullish momentum and it seems that it might break the $16,000 very soon.
As seen in the chart above, there is some definite support at $14,000. Looking at the chart with a Fibonacci retracement we can see that the BTCUSD price correction reached 0.618 Fibinoacci level, which is one of the most significant levels.
So what’s next for Bitcoin. It is very likely that if the price breaks and closes above $16,000, as it seems to be trying to do at the present time, it will most likely go up quickly to $17,500 before it faces any pressure from sellers.
Note. This post is for educational and entertainment use only and it is not an invitation to trade. Trading involves high risk to your capital.