Bitcoin (BTC/USD): buy the dips?

The crypto space has been dominated by a bearish price action, where bears have led Bitcoin to try new multi-day lows across the board. According to our Fibonacci projections, cryptocurrency has touched the Fibo level of 78.6% in 8916, where for the moment we can see that there is buying reaction in the short term.

The next obstacle to face is found in the Parabolic SAR, which is facing additional selling pressure, which could lead the BTC to try new lows. The support level of 8729 is shown as a pivotal point of importance, where the next step of Bitcoin could be decided for the short and medium term.

What do we expect?

According to our forecasts in the H1 chart, Bitcoin could find support at the level of 8916, where we expect a rebound to occur allowing a new break and a rebound to new heights. To achieve this, the BTC/USD pair should break above the highs of May 5 to then go towards the Fibonacci level of -23.6% in 10114. However, a break below the low of May 1 would clear the way to go towards the psychological level of 8000.

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Felipe Erazo