BTC Daily Overlook 5.27
BTC
After price rejected the 61.8 level and continued its bearish extension it bounced a little bit between the other fib levels. Then price broke the major level of 7924. With lots of bearish momentum and a major level break, I am only looking for sells at this point. For the upcoming days I would like to see a bullish pullback back to my major level giving a good spot for a short entry. I am also considering the possibility price keeps moving to the downside. In that case, next major target would be 6800. In order to evaluate which move is more likely we need to analyze smaller timeframes for the price action around my minor level of 7400.
After price rejected the 61.8 level and continued its bearish extension it bounced a little bit between the other fib levels. Then price broke the major level of 7924. With lots of bearish momentum and a major level break, I am only looking for sells at this point. For the upcoming days I would like to see a bullish pullback back to my major level giving a good spot for a short entry. I am also considering the possibility price keeps moving to the downside. In that case, next major target would be 6800. In order to evaluate which move is more likely we need to analyze smaller timeframes for the price action around my minor level of 7400.
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