BitcoinLong
BTC Existing Trend Possible Outcomes
So I think we will see a retrace to the 20 and 50 MA or the 31% fibonacci retracement which support is the strongest even though these 3 levels are very close to each other around the 6560-6630 levels. From there we will go back up to test this resistant point again at 6730. If we have a convincing breakout from there which I am fairly confident that we will, we will then test the 61-62% fibonacci retracement level around the 6900 levels. If we see enough volume pile up at the 6730-6750 levels again whenever we are testing it again then this is a good sign we could breakout from this level and test the 62% retracement. If we enough volume at the 6900 levels(62% retracement from previous rally) then this is also a good sign we could test the falling wedge upper trendline. From there we are most likely to fall back down and test the 62% level as a support. If that holds and we go back up we will probably break that falling wedge upper trend line which is a humongous bullish signal if done in a convincing manner. From there we will test the 200 MA and probably get rejected if volume is not out of this world. From there we will then test the upper trend line again as resistance turned into support.
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Chris
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