A sudden retraction in BTC/USD pair
With most of the technical indicators pointing to an upward trade for BTC/USD pair, the sudden and shift retraction caused some panic sell off over the last 24 hours. The current trading range is around USD 8800/BTC, in the hourly chart shows that BTC has fallen to 0.382 fibonnaci ratio from the most recent peak at 9750. Consider the influence of future contract delivery date, we are at a very volatile trading zone. However I predict a full recovery is going to happen on the 1st May, the most likely pattern will be a ascending wedge before the breakout above 9000 level once again.https://www.tradingview.com/x/8SrDwE8t/
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