The price of BTCUSD is approaching 6800 which has a number of factors that could cause price to jump and give us a trading opportunity.
The 6800 level:
- is a previous S/R level
- is 68% fib retracement of Jun 29 - Jul 27 move
- Intersects with short term upwards trendline
Expect bulls to push the price to retest the upper channel to 7800 then watch to see what happens next.
If 7800/8000 holds we will have a new lower higher and price will head lower forming a potential H&S.
If price breaks above 8000 then it will be another sign that we are on our way to a recovery and higher prices for BTC, however that's for the price action to decide.
Always trade what you see, not what you think.
Trade safe!
The 6800 level:
- is a previous S/R level
- is 68% fib retracement of Jun 29 - Jul 27 move
- Intersects with short term upwards trendline
Expect bulls to push the price to retest the upper channel to 7800 then watch to see what happens next.
If 7800/8000 holds we will have a new lower higher and price will head lower forming a potential H&S.
If price breaks above 8000 then it will be another sign that we are on our way to a recovery and higher prices for BTC, however that's for the price action to decide.
Always trade what you see, not what you think.
Trade safe!
Note
It's easier to see how the downtrend is retesting as support on the weekly chart...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.