Bitcoin (BTC) Shallow Dip: More Downside Ahead? Price Analysis

After hitting a new all-time high on Monday, the Bitcoin price has been rejected from a multi-year ￰0￱ $5,500 since the top, this is still a very shallow ￰1￱ there more to come, or are Bitcoin bulls ready to push $BTC up into price discovery? Deeper dip, or back to the highs from here?) the price has only just dipped below the 0.236 Fibonacci, which is the first of the ￰2￱ the price heads back to the top from here it would be extremely ￰3￱ said, deeper reversals are healthier and would generally lead to more sustained upside price action over the longer term. Therefore, if the price did continue to fall, at least to the 0.382 Fibonacci which coincides with good support, and even better to the 0.5 Fibonacci level, the next swing high could contain more power and momentum.

Nevertheless, the price does what the price does, and if it’s up from here then so be ￰4￱ Stochastic RSI has its indicators posturing to rise from here, and the RSI at the bottom of the chart could be about to start ticking ￰5￱ would both suggest that this may be a bottom and that the $BTC price could head back up to the multi-year trendline and a prospective new all-time ￰6￱ head and shoulders pattern continues to form