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Following 1D Fibonacci patterns. Two scenarios.

BITFINEX:BTCUSD   Bitcoin
The price broke the 6,820 - 6,897 Resistance zone on strong 1D RSI = 67.851, Highs/Lows = 738.8356. The 6,640 shorts were closed on break even, as the very high volume (48.12K) signified a much higher break out. However, as previously stated "according to the 1W curve since the 19,891.0 ATH on Bitcoin, the uptrend is limited to 7,712.60 (1D EMA200)", so new shorts have been added at 7,550 (TP = 6,855). If 7,830 breaks, then BTC will look for a value just above the 0.618 Fibonacci retracement at 8,700, before reversing again. That is modeled on the previous retrace to 10,000 (May 05) from the 6,434.30 bottom (April 01). 4H is extremely overbought (RSI = 86.390, ADX = 73.092) and that should be taken into consideration.

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