Bitcoin Price: Bullish Macro Trend Intact

As the price of Bitcoin was retracing from the massive rally four weeks ago, no clear indications were seen on the charts of a potential reversal.

Thus, the price started to accelerate downwards to the next support areas, causing the price to drop $1,000 within one day.

A small rejection was seen before the price started to fall through to the next critical support zone.

Daily timeframes show that the price has retraced to the golden ratio of the whole upwards move during the first half of 2019.BTC USD daily chart.

In this chart, it can be seen that the price couldn't clear back up above $9,300, which caused the price to retrace downwards.

By losing the $8,200 support area, the price started to accelerate down towards the next critical support zone around the 0.618-0.65 Fibonacci level.

The trend marked the bottom of the bear market in December 2018, as the price jumped up from there and started to rally upwards to the recent high of $14,000 in June 2019.Interestingly enough, the move from $3,000 to $14,000 also bounced back from the similar Fibonacci level, once again showing the significance of the golden ratio.

The price couldn't break up above $7,400, which is needed for any short term reversal, as discussed above.

The price is still trending downwards in a substantial manner, so the recent price action is classified as bearish.

If the price is not able to break through $7,400, further downwards pressure is expected.