BITCOIN (BTCUSD):

On the weekly timeframe, taking into consideration the Fib retracement from the bottom at 3664 and top at 68916. It has retraced downwards to FR 61.8% at 28590.

It bounced exactly from the Fib expansion 61.8 and trying to form support at that level. As per the chart analysis, there are no signs of reversal.

On a daily chart basis, if it holds above 28590 then a short-term bounce towards 36000 is on the cards.

The final destination is expected to be in between the next fib levels 17628-20000.

The longer-term view about bitcoin still remains bullish.

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