2018-6-19 16:06 |
Despite the bearish chart setup, bitcoin (BTC) rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map.
Yesterday’s gravity-defying price action in BTC has boosted the odds of a rally to $7,024 (23.6 percent Fibonacci retracement of the sell-off from $9,990 to $6,108).
At press time, bitcoin is changing hands at $6,700 on Bitfinex.
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BTC looks set to take out immediate resistance at $6,736 and rally towards $7,024 (23.6 percent Fibonacci retracement of the drop from $9,990 to $6,108).
: A sell-off to $6,000 could still happen this week, if BTC closes (as per UTC) below the 10-day MA ($6,582) today.
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