🔷️ #bitcoin has just lost the critical support level marked by the blue line. If this is not a fake-out, the downward move could deepen, with the next significant support levels defined by the green lines based on Fibonacci retracement.
However, if this breakdown turns out to be a fake-out and the price quickly recovers above the blue line, an upward move could follow. In that case, the yellow Fibonacci lines would represent the next resistance zones.
📊 Technical Outlook:
MACD: Bearish crossover indicates weakening momentum.
RSI: Dropped below 50, signaling market weakness.
Volume: Increasing during the drop, showing strong selling pressure.
📌 Daily closes around this region will be key to watch. I'm closely monitoring the situation.
‼️ This is not investment advice.
