Will Bitcoin reverse, or drop to $6k again?
|Following the previous idea on the Bitcoin, price broke below the $6260 support and has reached the downside support at 61.8% Fibonacci that is $6170 area. Along with the Fibonacci support, 3/1 Gann Fan trendline has also been rejected.
Yes, price spiked lower, but the hourly close remains above the support. While the hourly close stays above the $6128 low, Bitcoin could start to consolidate and/or correct to the upside.
But still, it is too early to talk about the trend reversal on the short timeframe, and only break and close above the $6400 area could suggest further growth. On the other hand, if BTC/USD will break and close below the $6128, it will likely decline towards next support level at $6010, that is very close to the key psychological price – $6000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.