Technical analysis by ABoodfr about Symbol BTC: Sell recommendation (5/11/2023)

Bitcoine go down to visit support zone Bitcoin has broken below the lower boundary of the channel it held last week, which indicates that more losses could be imminent. Current expectations indicate that Bitcoin is likely to test the $26,500-$2,7000 range, which has acted as support this week after previously acting as resistance. This is a very important range, supported by the Fibonacci value of 0.382 and the 3-month exponential moving average level, in line with the recent bullish trend. A break of this level could take BTC down towards $24,100 (Fibonacci 0.618) and then $22,350 (Fibonacci 0.786). To maintain the general bullish trend, it is necessary to stay above $24,000, especially during the ongoing decline, according to the daily forecast.