Technical analysis of BTC/USD 05/17/2023
Bitcoin has broken through the support level of 27,000 (23.6% Fibo). The price dropped to the level of 25,800, after which it corrected and is currently consolidating in the 27,000 area.
The technical picture suggests a continued decline.
The nearest target is the level of 25,000 (38.2% Fibo).
If the level of 25,000 (38.2% Fibo) is broken, this will mean the development of a decline to the level of 23,200 (50% Fibo).
Cancellation of the option for the development of a downward correction will be the growth of quotations above the high of 31,000, which will mean the continuation of the uptrend.
Created by Joshua Hayn
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