BTCUSD; Corrective action, watch Fibonacci levels
A downward sloping line connecting recent tops (9700) saw sellers stepping in. After leaving the short-term bullchannel and RSI converging negatively some pressure is now seen.
With bulls setting a higher low (only just at 6425 against 6400) in april their task is to do this again. If you are a believer that this coin has bottomed out against this mark you should watch signs for a higher low once again. Bottoms need to get tested and retested.
So, best to watch the Fibonacci levels in this case; 50% around 8200 and 61.8% around 7800. These are the standard correction levels. Also keep an eye on the more rare 78.6% level around 7200 should things get more nasty.
Hammerlike sessions (open, test down, close near the open again) are common in this market and could signal such a higher low. Watch such events against mentioned levels for hints of a higher low. The Bollinger Midline, around 9000 and ofcourse the mentioned downward sloping line around 9700 stand for resistance.
With bulls setting a higher low (only just at 6425 against 6400) in april their task is to do this again. If you are a believer that this coin has bottomed out against this mark you should watch signs for a higher low once again. Bottoms need to get tested and retested.
So, best to watch the Fibonacci levels in this case; 50% around 8200 and 61.8% around 7800. These are the standard correction levels. Also keep an eye on the more rare 78.6% level around 7200 should things get more nasty.
Hammerlike sessions (open, test down, close near the open again) are common in this market and could signal such a higher low. Watch such events against mentioned levels for hints of a higher low. The Bollinger Midline, around 9000 and ofcourse the mentioned downward sloping line around 9700 stand for resistance.
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