KQMarkets

Bitcoin struggling to consolidate at Fibonnaci level Again!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As expected from our analysis on the 16.05 Bitcoin didn't hold and consolidate at the Fibonacci level at $8024 and dropped down towards the next Fibonacci level down at $6995.01. However, what is interesting is that it bounced back fairly sharply all the way up to around $8200 on yesterday evening before falling back to the current level at $7772. Therefore, we can conclude that $6995.01 is acting as support and Bitcoin is re-attempting to consolidate at $8024 and if the market succeeds in consolidating at this level we expect Bitcoin to rise towards the next Fibonacci level up at $9330.
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