easyMarkets
Long

BTCUSD approaching support, potential bounce!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             is approaching our first support at 6438.3 (horizontal overlap support, 100% Fibonacci extension , 61.8%, 50% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 6508 (horizontal overlap support, 38.2% Fibonacci retracement , 100% Fibonacci extension ).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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