The Bulls couldn’t turn 57500$ into Support as the price fell back below it once a rejection from Fib. 0.618 has occurred.

On its way down BTC punched through the Trend-Line, signaling a possible trend change. This got confirmed not long after, as the price dropped down to the 55k area, creating the first Lower Low on the chart, allowing the Bears the take control over the direction of BTC. The low 53K area has to be defended by the Bulls to have a chance to turn things around as a significant Low is located in this region and if it is lost, then the probability of BTC falling back down towards the 51K Support Level would increase significantly. Join our Free Group here for more: https://t.me/eliteelliott

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More from Crypto Elite Elliott

Since BTC got rejected from the Fib 0.618 Level, a small correction took place that has forced the price back below the Resistance Level at 57500$. This correction was short-lived as the Bulls have stepped back in around 56K. Later on, a quick bounce has occurred. The momentum was strong enough to push BTC back above 57500$ but shortly after the price once again got rejected from the Fib, and now the Resistance Level is being challenged again. So far the Bulls couldn’t turn the 57500$ level into Support. If a successful Resistance to Support flip occurs then that could incentivize the Bulls to keep up the buying pressure and push BTC higher, potentially towards ATH territory.

55 views · May 3rd

Looks like BTC did get Rejected from the 0.618 Fib Level on the way back up.

75 views · May 2nd

The Bulls were strong enough to keep the momentum going as the price not only touched the Resistance Level at 57500$, but it also broke through it.

53 views · May 1st

More from Crypto Elite Elliott

Since BTC got rejected from the Fib 0.618 Level, a small correction took place that has forced the price back below the Resistance Level at 57500$. This correction was short-lived as the Bulls have stepped back in around 56K. Later on, a quick bounce has occurred. The momentum was strong enough to push BTC back above 57500$ but shortly after the price once again got rejected from the Fib, and now the Resistance Level is being challenged again. So far the Bulls couldn’t turn the 57500$ level into Support. If a successful Resistance to Support flip occurs then that could incentivize the Bulls to keep up the buying pressure and push BTC higher, potentially towards ATH territory.

55 views · May 3rd

Looks like BTC did get Rejected from the 0.618 Fib Level on the way back up.

75 views · May 2nd

The Bulls were strong enough to keep the momentum going as the price not only touched the Resistance Level at 57500$, but it also broke through it.

53 views · May 1st