KQMarkets
Short

Bitcoin struggling to consolidate at Fibonnaci level

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On our analysis on the 13.05 we indicated that we didn't feel that Bitcoin will consolidate and not fall below the current level because the RSI at 84 and the Keltner Channel price trending above the top band was showing it was overbought. However, surprisingly Bitcoin surged over $8350 and is now battling to consolidate above the Fibonacci level at $8024, again we would be surprised if Bitcoin surges again from here and have taken profit on some of our long position as we anticipate a correction.
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