However, it has bounced back considerably, creating a long lower wick with a magnitude of 22%.
BTC decreased significantly yesterday, reaching a low of $30,000. This validated the $30,000 area as support once more. The area had previously not been reached since Jan. 27, 2021.
However, BTC bounced with strength the same day, creating a long lower wick with a magnitude of 22%.
Despite this bounce, technical indicators do not show any bullish reversal signs yet.
There is resistance at $41,430, in the form of the 0.382 Fib retracement level. However, the main resistance area is found at $48,330 — the 0.618 Fib retracement level of the most recent decrease. This is also a horizontal resistance area.
