After a fall from 500 to almost 400 this week, Bitcoin manages to regain some of its losses.
Indeed, 410 is a Fibonacci extension level at 161.8%, if we draw our Fibs during the rapid bull move in mid February, as can be seen below:
Then zooming into the latest BTC/USD hourly chart, I’ve performed the Fibonacci study from the high of this week at 500 to the low of the week at 410, see below:
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Price rose from 410, marked in a blue ellipse, and at this point there were a number of technicals telling us a retrace could be on the way. Firstly, we had the Stochastics heading upwards, albeit in a tentative shallow manner, secondly we had the Accelerator Oscillator as green, and thirdly we had the Awesome Oscillator as green.
Price eventually retraced back to the 50% level at 453, testing it on two occasions, circled in white.
With the technicals still pointing to some more bulls, I’d expect further such tests within the next few candles.