Bitcoin price has fallen by 1.14 percent as bulls caved under the selling pressure and breached a crucial Fibonacci support level.
At $267.15, Bitcoin could witness continued dumping and is expected to hit $256, if $260 is pierced.
A technical check of the daily BTC-USD price chart has been given below.
Bitcoin Chart Structure – As can be seen, Bitcoin failed to sustain above the $270-mark and is now nearing its recent low of $260. The resistance on the upside remains the base of the descending triangle at around $277.
Fibonacci Retracements – The latest decline has pushed the price of Bitcoin below the 50% Fibonacci retracement of $268.50. The next important support comes in at the 61.8% Fibonacci retracement of $256.82.
Moving Average Convergence Divergence – Apart from Histogram, both MACD and Signal Line have reported a loss in their values. While Histogram has risen marginally to -2.5054, MACD and Signal Line have depreciated to -2.8302 and -0.3248 respectively.
Momentum – The Momentum reading underwent a reduction in the