BTCUSD been repeating the downtrend retracement at 61.8% fibo
From the chart, the 61.8% fibonacci level on the downtrend has been acting as the major resistant for bitcoin for the entire year so far. The next 61.8% fibonacci level will be at 6910 which is just around the current downtrend trendline, breaking this resistant could signal a major uptrend move.
Currently strong support at 6000 USD so watch out for the entry around there and HODL if it manages to break the next 61.8% fibo at 6910. Breaking below ~6000 USD could signal a continuation for downtrend, but a failed break low could be a signal for a long position.
I'll remain neutral at the moment and wait to see the price action for either side which should happen pretty soon.
Currently strong support at 6000 USD so watch out for the entry around there and HODL if it manages to break the next 61.8% fibo at 6910. Breaking below ~6000 USD could signal a continuation for downtrend, but a failed break low could be a signal for a long position.
I'll remain neutral at the moment and wait to see the price action for either side which should happen pretty soon.
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