I had said in the previous Bitcoin price technical analysis Can Bitcoin Survive This? with high optimism that the current price level may attract inflow to stem the decline. However, I have been proved wrong. The selling pressure is overwhelming the bulls, and a further increase may lead to a breakdown kind of situation in Bitcoin.
Bitcoin is currently available at $255.47, down 0.49 percent.
I had also pointed out earlier that if the bulls are thrashed in the next couple of sessions, there will be a higher probability of the price skidding to the consolidation zone near $240. I still maintain this view.
For further clarity, take a look at the latest technical aspects of the daily BTC-USD price chart below.
Bitcoin Chart Structure – No significant change in the chart structure as the price remains only minutely changed.
Fibonacci Retracements – Since the price has closed below the 61.8 percent Fibonacci retracement level of $256.82, Bitcoin is struggling to sustain above it even if it crosses the mark intraday.
Moving Average Convergence Divergence – The MACD has