As we mentioned in the Bitcoin analysis on February 2, 1401; After breaking its downward trend line, the price continued its upward movement up to the resistance level of $24,200 (Bearish ob), when the price reached this level, sellers took over the market and caused selling pressure in the market. which finally led the price to the support zone of $21,500 (Demand zone). This selling pressure caused by the price hitting the resistance zone of $24,200 (Bearish zone) can be considered as the first corrective step, this price correction has already hit the 0.382 Fibonacci FAN line, which is expected to be the entire zone. Fill the support (Demand zone) up to the 0.5 Fibonacci line of the fan. Despite the creation of this close price gap (FVG), which was also accompanied by a sharp price drop, the probability that the price will enter the yellow area of the FVG is very high, and then the price correction will continue.
How far can this price correction continue?
The price correction will continue to be in the correction phase until the daily candle closes below the floor of $20,400. The floor (pivot) of $20,400 is considered as a strong pivot because it was able to create a higher ceiling than its previous ceiling, which will definitely be under strong selling pressure again after breaking this price level.
Therefore, with the support of the price at the levels of $21,500 to $20,400, the next targets of Bitcoin are expected to be $23,200, $23,700, $24,000, $24,200, and $25,000.
If you look at the weekly time frame of Bitcoin, this price drop after breaking the downtrend line is forming a pullback to the trendline and static support area.