Bounced right off the down trend and Fib Resistance
The basic trend line from December through recent highs provided support this morning to the price of BTCUSD
We saw a quick test of the 7200-7300 price point before a quick reversal back to 7500. We will need a strong confirmation to the north to see true reversal / correction from our major downturn this week. Otherwise our next price target is the Fib resistance level around 6400 which has been tested twice in the past 5 months. If that price doesn't hold we are in for a possible long ride down to the $4000s as that's the next trend / Fibonacci resistance level.
We saw a quick test of the 7200-7300 price point before a quick reversal back to 7500. We will need a strong confirmation to the north to see true reversal / correction from our major downturn this week. Otherwise our next price target is the Fib resistance level around 6400 which has been tested twice in the past 5 months. If that price doesn't hold we are in for a possible long ride down to the $4000s as that's the next trend / Fibonacci resistance level.