BTCUSD is looking very fragile right now. There is no strong evidence of any buying interest to be bullish now - shorts favored.
Price is now hovering around the 50% Fibonacci Retracement level which coincides with a previous consolidation zone. Expect price to break this level through to the 61% Fibonacci level and re-test the above consolidation zone at $8,200. The $8,200 level is becoming a key zone of significance and would act as decent Supply zone should price fall away sharply.
The next area of interest is between $6,800 and $7,200.
There is also a nice breakout pattern forming on the larger time-frame to keep an eye on.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Price is now hovering around the 50% Fibonacci Retracement level which coincides with a previous consolidation zone. Expect price to break this level through to the 61% Fibonacci level and re-test the above consolidation zone at $8,200. The $8,200 level is becoming a key zone of significance and would act as decent Supply zone should price fall away sharply.
The next area of interest is between $6,800 and $7,200.
There is also a nice breakout pattern forming on the larger time-frame to keep an eye on.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
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Signs of weakness already appearing
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Nice doji candle followed by a engulfing red candle on 4hr timeframe
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Great place near $8,200 key level and re-test of channel to add to short trades
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Should weakness in BTC continue, possible price path could be a move into the 5k range
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