BTC/USD analysis 02/24/2021
Bitcoin quotes on the daily chart hit resistance at 57,558.50. Then quotes began a sharp correction. Now the price is consolidating around 47,000 (38.2% Fib).
The next support level will be at 43,300 (50% Fib). The key support level will be at 40,000 where the previous local maximum for 08/01/2021 coincides with the level (61.8% Fib), and the lower line of the uptrend also lies.
If the quotes fall below 40,000, technically it will mean the transition of the correction to the downward movement with the nearest target in the area of 30,000. The divergence on the RSI indicator also favors the decline.
If quotes remain above 40,000, then most likely a new wave of growth will begin with a potential above 60,000.
Created by Joshua Hayn