Green lines- Fibonacci retracement levels
After the FTX scandal and the sell off towards $15,500, Bitcoin has found some balance and is mostly moving sideways. The bulls are absent and there is not enough strength or a catalyst until now to bring bulls back in the game. Bitcoin remains vulnerable to another break down. Bitcoin is unable to bounce even higher than the 23.6% retracement level. Price is trading sideways for two weeks now creating a trading range between $15,500 and $16,900. Traders need to remain patient.