Bitcoin trying to resist another price drop, these are the most important supports currently.

After a huge price drop of more than 50% this week, Bitcoin is currently above $ 5,450 in an attempt to regain lost ground on the S4 for the week after dropping to $ 3,827 yesterday. The market leading cryptocurrency is now in a delicate situation, if it fails to consolidate on top of these supports at $ 5,600 we could see another major price drop.

The level where we are currently represents 23% fibonacci invested in a bullish retracement scenario. Let us remember that the market is in a situation of uncertainty and negative emotions due to the large downward movements that have occurred in most of the global markets. It is difficult to predict exactly at this time what the end of the fall will be, we can only go from support to support waiting for the necessary rebounds and studying the volume of trade.

As can be seen in the graph, over the $ 4000 many purchase orders were activated by the bulls, without a doubt this is an area where there is a very good support and it can be used to end the fall in prices that we have come witnessing for several days.

Bitcoin entry trying to resist another price drop, these are the most important supports currently. It was first published on Crypto Report.