The crypto has corrected some of the latest bearish moves, but not even in a 38.2% Fibonacci (Fibo) retracement as of yet.
Bulls can aim for between a 50-61.8% Fibo retracement from where bears will be looking for old support to act as a resistance.
In doing so, markets will be on the lookout for the next bearish impulse and a lower low to fully complete a 38.2% Fibo of the weekly bullish trend at 15,975.
If the market breaks this level, a 61.8% retracement of the weekly bullish trend will be compelling where it meets the June 2019 peak at 13,880.
The following is a top-down analysis which illustrates the market structure, an initial bias to the upside and then for an extension of the downside.
Monthly chart
This is an overbought market that needs to correct and the 61.8% retracement area has a strong confluence with old highs making it a compelling target.
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