We are expecting strong resistant at the current bitcoin price (Around 7,800 Publishing time)
Long term Higher lows line
Short Term Higher highs line
Fib Retracement
in my personal opinion it's likely to bounce strong due to current RSI cool down.
Fundamentals are bullish, we have no bearish news.
Looks like the only reliable indicator right now is Fib Retracement
the 0.786 line, which is are around 7300 line became a reliable support and it was tested twice on after the pump.
Right now i am like 51% bullish, just till we see the RSI cools down a little bit, than i would be really bullish and we might test the next line 1 on Fib retracement, around 7750...
The only real way to understand the current status of the market is that we are trading around the Fibonacci line up.. the fight is stealth but strong between bulls and bears around this line.. at this moment we are above it.
i could be wrong,, everyone draw on chart from some different points..
this retracement was drawn on the 4 Hours chart and you see the 30...
i am not so good with Fibonacci but i think i drew this right, and the 2nd green candle confirms it..
6640 was medium resistance and theoretically if it holds for around an hour it becomes medium strength support.
