BTC/USD Fails to Sustain Rally
The price has failed to break past the 38.2% retracement level of the move down from $450 to $152 of the past 3 months. Late January saw a short lived break that reached the 50% retracement level, before a subsequent drop down to the 23.6% level where it has stayed for much of February.
Currently the price is moving back down towards the past month’s main support area. If the price breaks and stays below the support area over the next 1-2 weeks, it is a sign that the bearish trend will continue with a likely testing of the $152 level.
Staying at or above the support area would likely create the potential for another upside movement. If this is the case then movements above the bearish trend line could lead to the possibility of a trend reversal and increased bullish pressure.
Currently the price is moving back down towards the past month’s main support area. If the price breaks and stays below the support area over the next 1-2 weeks, it is a sign that the bearish trend will continue with a likely testing of the $152 level.
Staying at or above the support area would likely create the potential for another upside movement. If this is the case then movements above the bearish trend line could lead to the possibility of a trend reversal and increased bullish pressure.
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