It looks like Bitcoin correction has ended on the 24th of June, where price hit the $5755 low. Then BTC/USD has formed a double bottom near that area and price went sharply up. In just over a week price went up by 18% and has reached the $6840 high.
The recent corrective wave down, pushed the price down to the $6260, where it has rejected the 50% Fibonacci retracement. Overall, the short term, price has found the support as well as resistance at 23.6% Fibs that is $6400.
Most likely, that the break above the resistance or below the support would shed some light on the next move of the Bitcoin. Break and close below the $6260 should result in a decline towards 61.8% Fibs at $6170, which corresponds to the lower trendline of the extended channel. But break above the resistance, might suggest further growth, where price could reach $6840 resistance and even go higher.
The recent corrective wave down, pushed the price down to the $6260, where it has rejected the 50% Fibonacci retracement. Overall, the short term, price has found the support as well as resistance at 23.6% Fibs that is $6400.
Most likely, that the break above the resistance or below the support would shed some light on the next move of the Bitcoin. Break and close below the $6260 should result in a decline towards 61.8% Fibs at $6170, which corresponds to the lower trendline of the extended channel. But break above the resistance, might suggest further growth, where price could reach $6840 resistance and even go higher.
Trade closed: target reached
