FinancialMindd

The daily chart is already a bit more interesting than the weekly chart described earlier.The round $30,000 level is playing an important role at the moment, where the price tried to stay above it after breaking it in February until the end of July, where the bears broke through this zone. And now the roles have reversed and the bears are trying to keep the price below $30,000.An additional support for the supply was a simple ABC correction (where wave A was equal to wave C) at exactly $30,200.If the bears maintain their advantage, the first strong resistance will be the zone around the last lows of $28,500 - $28,300. Where we have 50% Fibonacci of the last uptrend and the 100-day MA (price reacted to it on 08.01.2023).Depending on when (if) we reach there, an additional resistance will be the trend line (green line).Breaking through this zone should bring the price to the next zone around $27,500.

Since June, Bitcoin has not been pampering us with its volatility. The bulls slowed down at the first resistance of a very strong supply zone of $31,580 - $35,900.It consists of 50% Fibonacci from the downtrend in March 2022 supported by the Price Action zone from May-June 2021. The upper band of this zone is 38.2 Fibonacci measured from the ATH in November 2021 supported by the Price Action from January-February 2022.The bulls will need a strong impulse to overcome this zone - it will also be a marker for me for the near future how to play the market on lower time frames.More about this in my next analyses, where I will take a closer look at this situation.