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Bitcoin short view

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Bitcoin is encountering resistance in the upper line of the rising channel on the daily time frame chart. The price began to pull back after the formation of a new high at the $37978 level. Looking at the previous movement in this channel and the depth of the previous pullbacks, we can conclude that we are in for another drop in the price of Bitcoin before we continue to the bullish side again. The $35,000 level is in the zone around the 23.6% Fibonacci level, then the next target is around $33,000 in the zone around the 38.2% Fibonacci level. The previous two drops were up to the 61.8% Fibonacci level, and this means that the maximum next low should be around the $30,000 level.

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