What to expect from Bitcoin
If such a move were to occur over the next 24 hours, the price could bounce off the ascending trendline and 23.6% Fibonacci retracement to have another go at $9,000. Failure to hold above $8,300 would see Bitcoin retest the soft support at the 200-DMA and below this traders will look for a golden pocket bounce off the 50-DMA and 61.8 Fibonacci retracement level at $7,775.
Some traders have noticed that an M-Top can be seen on the 4 and 6-hour time frame and cautioned that this is an ominous sign. Similar patterns developed after Bitcoin’s June 2018 rally to $13,800 and also after the digital asset reached an all-time high in December 2017.
If such a move were to occur over the next 24 hours, the price could bounce off the ascending trendline and 23.6% Fibonacci retracement to have another go at $9,000. Failure to hold above $8,300 would see Bitcoin retest the soft support at the 200-DMA and below this traders will look for a golden pocket bounce off the 50-DMA and 61.8 Fibonacci retracement level at $7,775.
Some traders have noticed that an M-Top can be seen on the 4 and 6-hour time frame and cautioned that this is an ominous sign. Similar patterns developed after Bitcoin’s June 2018 rally to $13,800 and also after the digital asset reached an all-time high in December 2017.