From a technical point of view, the price of bitcoin bounced off the major resistance at $ 46,500. The purple zone is marked with the 50% Fibonacci retracement of the last downward wave and previous price reactions. If current sentiment prevails until the end of the day then a potential shooting star pattern may occur, which according to the classic assumptions of technical analysis, often heralds declines.
Bitcoin interval D1. Source: xStation5
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