BTCUSD Back Higher to Re-test the Broken Support
Bitcoin broke below the key support around the $7,500 mark. More importantly, Bitcoin is now trading comfortably below the 61.8% retracement level.
A break of the $7,500 further complicates life for the BTC bulls. Despite the fact that Bitcoin has been rallying today after printing fresh 6-month low of $6,515, the short-term outlook is bearish. In case it continues to recover higher this week, the $7,300 - $7,500 zone will now act as a resistance.
On the downside, BTC/USD almost touched the 127.2% Fibonacci extension at $6,466. We may return to test this level if Bitcoin fails to move back above the $7,500 handle. The next major target for the bears is the zone around $5,500 where the confluence of 78.6% Fibonacci retracement and 161.8% Fibonacci extension sit together.
A break of the $7,500 further complicates life for the BTC bulls. Despite the fact that Bitcoin has been rallying today after printing fresh 6-month low of $6,515, the short-term outlook is bearish. In case it continues to recover higher this week, the $7,300 - $7,500 zone will now act as a resistance.
On the downside, BTC/USD almost touched the 127.2% Fibonacci extension at $6,466. We may return to test this level if Bitcoin fails to move back above the $7,500 handle. The next major target for the bears is the zone around $5,500 where the confluence of 78.6% Fibonacci retracement and 161.8% Fibonacci extension sit together.
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