Bitcoin market update: BTC/USD retreats below $5,700; will the 61.8% Fib level support hold?
|- Bitcoin kicks off the new week in the red following the retreat from the new 2019 highs.
- BTC/USD is strongly supported above the EMA200.
Bitcoin is seen trading at $5,612 after correcting lower 1.78% on the day. The asset has started the new week in the red following a weekend full of consolidation. Mostly above $5,700. BTC/USD increased the gains over the last weekend session to trade above $5,800 and form new 2019 highs at $5,839.76.
While the bearish momentum appears to have fizzled out, Bitcoin is stuck between the 100 Simple Moving Average (SMA) 1-hour resistance and the 200 Exponential Moving Average (EMA). There is a building bullish trend above the 61.8% Fib retracement level immediate support.
A correction above the 100 SMA will ensure that the bulls are encouraged to increase their entries. Besides, the target in the medium-term is set on $5,800 while in the long-term $6,000 is the ultimate goal. The downside is strongly supported at the EMA200 $5,400 as well as $5,200. Other support areas include $5,000, $4,950 and $4,800.
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