Bitcoin Hitting Support - Important Levels

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Today Bitcoin tested the support at $6383, which is a 61.8% Fibonacci retracement level. On the 4h chart, price went below the support but failed to close lower. As long as the 4h closing price remains above the today's' low ($6369), BTC /USD is likely to enter the short term consolidation phase between the support and resistance .

The nearest resistance is at $6600, that is 38.2% Fibs. After rejecting the support, BTC is expected to correct upwards towards that level. But if the support will be broken, next downside target will become $6200 or even $6000 areas.

It is now very unclear as to how BTC will behave in the following week, or two. But the breakout of either $6840 high (resistance) or $6000 support would certainly help to determine next strong move. All-in-all, the buying opportunity is there as long as the 6k support holds.


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