Bitcoin seems to have carved a meaningful top at $67000 over the last week. The crypto has dropped through $61500 lows after hitting all-time highs. Bears might remain poised to drag prices further towards $52000 and $47000 levels going further.
Bitcoin has rallied between $28600 and $67000 levels subdividing into five waves, carving an impulse. Ideally, a corrective drop remains high probability from current levels dragging towards $52000 and $46000 levels respectively.
The fibonacci 0.382 retracement of the above rally (potential Wave (5)), is seen passing through $53000 mark, while the 0.618 retracement is passing around $43600 levels respectively. The corrective wave is expected to find support around the fibonacci retracements.
Looking at the recent wave structure, Bitcoin has dropped between $67000 and $61500 levels, subdividing into five waves, carving a lower degree impulse wave. If correct, the crypto should drop further below $61500 to complete the corrective wave.
At the time of writing, Bitcoin has pulled back through sub $64000 levels and might face intraday resistance here. High probability remains for a corrective decline towards $53000 and $46000-47000 levels, going forward.
Prices should stay below $67000 mark to keep the above bearish structure intact. Traders might be preparing to enter fresh short positions against $67000 levels and potential target towards $53000 at least.
The Profinacademy.com Team
Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control.
The US dollar index spiked through 96.85 mark on Wednesday on the back of the Federal Reserve interest rate decision.
EURUSD is finding support from its consolidation lower range around 1.1260-70 and could resume its rally from here soon.