Longterm resistance turned into support?

Today, we have seen a dip to the former longterm resistance Level @ 680$ which now turned into the cetral pivot supportlevel.
If we have a look at the MACD and the RSI, we can clearly see the overbought Situation since the massive breakout (wedge, with breakout Zone @ 470$ - Explosion ahead?

). Both indicators signalize a possible downmove.
Should the central supportzone at 680 can not sustainable defended , a further consolidation is thinkable.
In my Chart i illustrate the next Support zones, the fibos 0,382/0,5/0,618 (minimal / normal / maximal correction) : 645,8/604,92/564. At the minimal correction Level also is based the sma 20.
Prices above 680 are still bullish. The Chart clearly brightens, if btcusd can trade above it s last high at 780.

Komentar:

here we go! nearly kissed the minimum correction level 38,2 fibo @ 645,83 at this moment! jihaaaaaaaaaaaaaa

Komentar:

The in my former Analysis shown Pivot resistance Level at 680$ is still valid!
In a very small timerframe (15min Chart), this Level is corresponding to a possible H&S.
Should BTCUSD1.26% trade above this Level, a Minimum TP could be 701, the max. 735$
Trading below 680 will strengten the bearish momentum. For further Information about further possible targets on the downside, please have a look at my other analysis