6700 - 6800 is a critical level formed by previous inverted head and shoulder pattern.
Price action is currently trying to retrace back to Fibonacci Retracement 23.6%, and may reach 6700 very soon.
According to the indicators like RSI, Bitcoin is in oversold with a bit of momentum of volume lifted up.
When you zoom out the graph on the left, OBV has reached a significant low level as it was in Jan 2017.
Although there are no bullish signals on ichimoku, it doesn't really matter. It is because we can see DI- dips and hopefully there is a reversal of DI+ in the next few days.
Buyers may buy LONG BTCUSD, TP at the border of the triangle pattern that drawn from weekly graph, or conservatively TP at Fib Ret 61.8%.
If BTCUSD cannot exceed 6800, we still trade the down side to the base of triangle pattern.
Price action is currently trying to retrace back to Fibonacci Retracement 23.6%, and may reach 6700 very soon.
According to the indicators like RSI, Bitcoin is in oversold with a bit of momentum of volume lifted up.
When you zoom out the graph on the left, OBV has reached a significant low level as it was in Jan 2017.
Although there are no bullish signals on ichimoku, it doesn't really matter. It is because we can see DI- dips and hopefully there is a reversal of DI+ in the next few days.
Buyers may buy LONG BTCUSD, TP at the border of the triangle pattern that drawn from weekly graph, or conservatively TP at Fib Ret 61.8%.
If BTCUSD cannot exceed 6800, we still trade the down side to the base of triangle pattern.
Comment:
BTC cannot break Fib Ret 23.6%, TP to the base of weekly triangle pattern (i.e. 5737)
