Bitcoin: At 10 Months Low And Falling
The Bitcoin at 10 months low as it lost 56% since November 2021 when started the decline from $68,960 landing today at a low of $29,742. However, BTCUSD decline was expected but the geopolitical conflict in Eastern Europe pressured the Bitcoin to the lowest price in ten months.
Long-Term outlook:
When looking at the long-term chart (weekly chart) it appears that the current levels are the strongest support for the Bitcoin since it broke above it in January 2021. However, the support level around $31,200 is a critical level of which if the price broke below, there will not be proper support before the $10,000.
The technical indicators in the long term show a negative outlook targeting $26,000, but it is worth mentioning again that there is no proper long-term support above the $10,000. On the other hand, the visual reading for the weekly chart shows a possibility of a rebound from the current support towards $37,200 near the Fibonacci 50 level.
Medium-term outlook
In the medium time frame, the BTCUSD shows a volatile movement inside a four-month horizontal channel between $37,240 and $44,700. The price has broken the channel downwards on the 5th of May 2022 to reach its 10-month low.
Technical indicators signal a further decline without a clear target. Meanwhile, Fibonacci retracement signals a possibility of a rebound towards $37,200 from $29,500. On the other side, if prices fell below 31,400, they will most likely continue the decline to $26,000.
