BTC/USD at Crossroads. What's Next???

1 cze 2018
The currency pair started a correction this week and added near one percent on Friday. BTC/USD has jumped over the descending trend line and moved higher meaning bulls have finally found their support point.

Let’s have a closer look at the current situation within Fibo retracement graphic tool. The currency pair still tests 1.618 retracement level, which coincides with $7565 resistance area. It stays within a horizontal channel with no clear direction. However, we have lower lows meaning the currency pair forms a kind of an ascending triangle, which is able to burst upwards. The possible ways for BTC/USD are the following:
1. Red scenario (bearish). The currency pair will move towards the closest support area at $7,199 to test it. If successful, sellers will be able to push BTC/USD even lower.
2. Orange scenario (neutral). BTC/USD will move towards the closest support at $7,199 to test this line. However, bears will be unable to penetrate through this area and will retreat as the price will go upwards targeting the closest resistance area at $7,565.
3. Green scenario (bullish). Bitcoin will jump over $7,565 and run higher targeting 1 retracement level, which coincides with $7,949 resistance area.

Check the full analysis HERE>>>.