InvestingScope

Upside target accomplished. Lower High made. Short.

Short
BITFINEX:BTCUSD   Bitcoin
On 1W terms, Saturday's 6,840.00 High, is near the projected 0.618 Fib level (6,920.50), indicating that a potential new Lower High is priced and based on Bitcoin's behavior since March, it should reverse to test the 1W support zone of 5,800 - 6,000. So far the price is trading sideways on 1H (RSI = 45.076) indicating the presence of selling accumulation around the 6,800 mark. 4H is also neutral (Highs/Lows = 0.0000) and in order to sustain a downtrend, the 6,532 - 6,598 Support zone needs to be crossed. We are now short aiming initially at 6,300 and 6,100.

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