BTC is currently in a falling wedge pattern that is getting more narrow as the price range consolidates.
Based on Fibonacci levels, we can draw probabilistic outcomes for BTC medium-term price action.
As BTC moves down the falling wedge pattern, the levels I am watching for a major trend reversal are $7,500 psychological and the .78 Fib level ($7,200). How the BTC price movements develop between the $7,900 to $6,400 resistance/support zone will allow many clues as to the probabilities of BTC price reversal (or continuance of downward momentum).
If BTC is to realize the proposed falling wedge pattern and price breakout, the levels I will be watching to see BTC resistance are .38 Fib level ($8,640) and $9,000 psychological. Conversely, if BTC were to breakout to the downside, I would be watching the $6,440 support level.
Based on Fibonacci levels, we can draw probabilistic outcomes for BTC medium-term price action.
As BTC moves down the falling wedge pattern, the levels I am watching for a major trend reversal are $7,500 psychological and the .78 Fib level ($7,200). How the BTC price movements develop between the $7,900 to $6,400 resistance/support zone will allow many clues as to the probabilities of BTC price reversal (or continuance of downward momentum).
If BTC is to realize the proposed falling wedge pattern and price breakout, the levels I will be watching to see BTC resistance are .38 Fib level ($8,640) and $9,000 psychological. Conversely, if BTC were to breakout to the downside, I would be watching the $6,440 support level.