== WEEKLY CHART ==
The weekly timeframe is holding nicely above the 61.8% Fibonacci retracement level and how looks for further upside towards the 78.6%. If Bitcoin is able to reach the 78.6, this level will be faced with a additional resistance being the descending resistance trendline.
== DAILY CHART ==
With the daily perspective, price action is holding above the 61.8% which coincides with the 200 Simple Moving Average. If we take a look at RSI, we can see some bearish divergence is beginning to form which suggests the bulls are starting to get a bit exhausted. If prices drop, to validate a bearish scenario, price action will need to decline below the 61.8% along with the 200 SMA.
== 4Hr ==
Lastly on the 4 hour timeframe, Stochastics is indicating that this instrument is overbought which suggests another retest of the 61.8 and 200 SMA is likely to happen. Key question of course is: "What will happen next once we hit that level?" Will price action find further support and manage to hold above, or will prices begin to decline further?
== IN SUMMARY ==
Keep an eye out for that 61.8% level for a retest. If the bearish momentum accelerates at the 61.8%, expect a break low towards the 50% level which would be around the 44k area. If on the other hand prices continue to climb higher, expect resistance around 52-53k as that level contains a resistance confluence.
The weekly timeframe is holding nicely above the 61.8% Fibonacci retracement level and how looks for further upside towards the 78.6%. If Bitcoin is able to reach the 78.6, this level will be faced with a additional resistance being the descending resistance trendline.
== DAILY CHART ==
With the daily perspective, price action is holding above the 61.8% which coincides with the 200 Simple Moving Average. If we take a look at RSI, we can see some bearish divergence is beginning to form which suggests the bulls are starting to get a bit exhausted. If prices drop, to validate a bearish scenario, price action will need to decline below the 61.8% along with the 200 SMA.
== 4Hr ==
Lastly on the 4 hour timeframe, Stochastics is indicating that this instrument is overbought which suggests another retest of the 61.8 and 200 SMA is likely to happen. Key question of course is: "What will happen next once we hit that level?" Will price action find further support and manage to hold above, or will prices begin to decline further?
== IN SUMMARY ==
Keep an eye out for that 61.8% level for a retest. If the bearish momentum accelerates at the 61.8%, expect a break low towards the 50% level which would be around the 44k area. If on the other hand prices continue to climb higher, expect resistance around 52-53k as that level contains a resistance confluence.
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