Will Bitcoin reverse, or drop to $6k again?

Viktor Karapetjanc Crypto Post

Following the previous idea on the Bitcoin, price broke below the $6260 support and has reached the downside support at 61.8% Fibonacci that is $6170 area. Along with the Fibonacci support, 3/1 Gann Fan trendline has also been rejected.

Yes, price spiked lower, but the hourly close remains above the support. While the hourly close stays above the $6128 low, Bitcoin could start to consolidate and/or correct to the upside.

But still, it is too early to talk about the trend reversal on the short timeframe, and only break and close above the $6400 area could suggest further growth. On the other hand, if BTC/USD will break and close below the $6128, it will likely decline towards next support level at $6010, that is very close to the key psychological price – $6000.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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