We had discussed in the previous Bitcoin price analysis Breakdown Coming? that Bitcoin is expected to breach the floor of the descending triangle, and according to the latest price action and the technical indications, the probability of that happening has increased significantly.
Bitcoin is currently trading down 1.41% at $277.10.
Technically, both the price action and the technical indicators have turned extremely bearish for Bitcoin, implying that more pain is coming for the cryptocurrency.
Bitcoin Chart Structure – With the latest decline, Bitcoin has slumped to a new weekly low of $276.20. The cryptocurrency is now trading at the edge of the support, and even a slight downward push will see Bitcoin sinking towards its target of $257.
Fibonacci Retracements – As has been expressed earlier, Bitcoin has finally breached the cushion provided by the 38.2% Fibonacci retracement of $280. I am not expecting this slide to end before it meets its 61.8% Fibonacci retracement of $256.81.
Moving Average Convergence Divergence – MACD is seen fast skidding towards the