Bitcoin has fallen 2.09 percent during the weekend to reach an extremely important trading level. The price of Bitcoin now is $256.74, in close vicinity to what we had been discussing in the many previous analyses.
Now as Bitcoin has reached its target price of $256, with reference to the descending triangle pattern, it has improved the prospects of a short-term rebound. So, will there be any? Let us find out in the technical analysis of the daily BTC-USD price chart below.
Bitcoin Chart Structure – The Bitcoin price has been slumping ever since it hit its peak of $318 this year. The price is now down roughly 20 percent from the peak value. But, it is currently at a very safe level where some buyers may look to go long in the cryptocurrency.
Fibonacci Retracements – Even though the wait stretched for a bit longer, the bears have pushed the price down to the crucial 61.8% Fibonacci retracement level of $256.80. Below this, the next support is near $240.
Moving Average Convergence Divergence – Even as