BitcoinShort
Technical Analysis on Bitcoin
Did a TA on BTC against USD. Seems like BTC is consolidating at around 0.382 level of the fibonacci retracement. Plotted fibonacci retracement from the bottom at $6054 during the massive dip to the tops at $11,804 last week.
We can see that right now BTC price is below the EMA and it broke the previous upward trend and also there is a bearish divergence on the RSI. If the bearish trend continues, it might hit next level support at $8,929 (determined by the fib retracement at 0.5 level). But overall, i think it might just be a normal retracement because Bitcoin went up almost 2x within the 2 weeks and even if it retrace by 50%, still was a pretty huge jump from $6,000 to $9,000.
We can see that right now BTC price is below the EMA and it broke the previous upward trend and also there is a bearish divergence on the RSI. If the bearish trend continues, it might hit next level support at $8,929 (determined by the fib retracement at 0.5 level). But overall, i think it might just be a normal retracement because Bitcoin went up almost 2x within the 2 weeks and even if it retrace by 50%, still was a pretty huge jump from $6,000 to $9,000.
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