The price of BTCUSD is approaching 6800 which has a number of factors that could cause price to jump and give us a trading opportunity.
The 6800 level:
- is a previous S/R level
- is 68% fib retracement of Jun 29 - Jul 27 move
- Intersects with short term upwards trendline
Expect bulls to push the price to retest the upper channel to 7800 then watch to see what happens next.
If 7800/8000 holds we will have a new lower higher and price will head lower forming a potential H&S.
If price breaks above 8000 then it will be another sign that we are on our way to a recovery and higher prices for BTC, however that's for the price action to decide.
Always trade what you see, not what you think.
Trade safe!
The 6800 level:
- is a previous S/R level
- is 68% fib retracement of Jun 29 - Jul 27 move
- Intersects with short term upwards trendline
Expect bulls to push the price to retest the upper channel to 7800 then watch to see what happens next.
If 7800/8000 holds we will have a new lower higher and price will head lower forming a potential H&S.
If price breaks above 8000 then it will be another sign that we are on our way to a recovery and higher prices for BTC, however that's for the price action to decide.
Always trade what you see, not what you think.
Trade safe!
Comment:
It's easier to see how the downtrend is retesting as support on the weekly chart...
