Has Bitcoin bottomed out?


Bitcoin Weekly Chart as on 23rd May 2022
Weekly Time Chart (Bitcoin) - 23.05.2022

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.

Daily Time chart (Bitcoin) as on 23rd May 2022
Daily Time Chart (Bitcoin) - 23.05.2022

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.