Bounced right off the down trend and Fib Resistance
The basic trend line from December through recent highs provided support this morning to the price of BTCUSD
We saw a quick test of the 7200-7300 price point before a quick reversal back to 7500. We will need a strong confirmation to the north to see true reversal / correction from our major downturn this week. Otherwise our next price target is the Fib resistance level around 6400 which has been tested twice in the past 5 months. If that price doesn't hold we are in for a possible long ride down to the 4000s as that's the next trend / Fibonacci resistance level.
We saw a quick test of the 7200-7300 price point before a quick reversal back to 7500. We will need a strong confirmation to the north to see true reversal / correction from our major downturn this week. Otherwise our next price target is the Fib resistance level around 6400 which has been tested twice in the past 5 months. If that price doesn't hold we are in for a possible long ride down to the 4000s as that's the next trend / Fibonacci resistance level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.