InvestingScope

BTCUSD: Triple Top rejection. Expect 6,800 - 6,400.

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin was rejected for the 3rd time on the 8,200 - 8,360 zone, making a Triple Top rejection formation on 4H (turned neutral with RSI = 51.868, ADX = 28.597 as it is trading close to the 0.500 Fibonacci level). We are expecting the rebound zone within 6,400 - 6,800 assuming that the decline rate on every rejection increases by 0. 40 . There is also an obvious long term Support, which if respected will accumulate buyers for the next leg up towards 10,000.










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