KQMarkets

Bitcoin Key Fibonnaci Resistance Level

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We currently have a neutral view on bitcoin and are currently monitoring the next Fibonnaci level at around 6278. If Bitcoin doesn't rise above this level and consolidate we are expecting Bitcoin to fall towards the previous Fibonnaci resistance level at around 5522 which is now acting as support. Additionally, we are keeping an eye on the RSI which is currently at 76, if it falls below 70 before reversing upward again, but this time remaining below 70 and then the RSI falls again below the prior low this would generate a bearish signal.

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