Bitcoin Price Analysis: Fibonacci analysis of BTC/USD

Bitcoin trades nearly 15% higher as crypto sentiment turns positive on Thursday.
There is a Fib confluence area close to the 8K level where the bulls could find trouble.

BTC/USD daily chart

Bitcoin has bounced today after the heavy price drop over the last few weeks. Just one month ago the price of Bitcoin rose to above 10K and now BTC/USD trades at 6,172.00 on Thursday afternoon. Despite this, the bulls have come to join the party once again and the halving event next month is projected to push up the price once again.

Looking at the chart below you can see that the BTC/USD has been respecting the Fibonacci tools perfectly. This recent price drop fell exactly to the red 161.% extension to the point. Now there has been a retracement on the upside the 61.8% retracement and extension match up perfectly very close to the psychological 8K level.

Prior to this move the major move lower followed the Elliott Wave principle very nicely and this makes me believe that Bitcoin follows the Fibonacci rules so keep an eye on the key Fib levels.

Additional levels

BTC/USD

Overview
Today last price	6247.27
Today Daily Change	834.18
Today Daily Change %	15.41
Today daily open	5413.09

Trends
Daily SMA20	7393.13
Daily SMA50	8765.25
Daily SMA100	8276.64
Daily SMA200	8497.19

Levels
Previous Daily High	5452.02
Previous Daily Low	5018.16
Previous Weekly High	8899.6
Previous Weekly Low	3886.49
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	5286.29
Daily Fibonacci 61.8%	5183.89
Daily Pivot Point S1	5136.83
Daily Pivot Point S2	4860.57
Daily Pivot Point S3	4702.97
Daily Pivot Point R1	5570.69
Daily Pivot Point R2	5728.28
Daily Pivot Point R3	6004.54

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