An interesting fact from the fundamental scope are the words of the co-founder of BitMEX mentioning last Friday in Fast Money of CNBC “his firm position on a Bitcoin price above 50,000 thousand dollars by the end of 2018”.
• The BTC / USD pair finds resistance at $ 6300
• The price fails to break 50% of Fibonacci
• We are still under a bearish trend line
Bitcoin price shows positive signs against the US dollar, to continue with the trend and respect the Fibonacci point of 50% could go to find a new maximum in the $ 6,500 or $ 6,600 dollars.
Last week BTC price faced a significant surge of sellers, which caused the price to trade below $ 5,800 touching support at $ 5,560 and then start an upward correction above $ 6,500.
The price is at a trading point that touches the simple moving average of 100 (4 hours). The most important thing here is that the price breaks above the Fibonacci retracement of 61.80% and proceeds to liquidate above the simple mobile measure. 100, otherwise we have a chance to find support in the $ 6,000 again.
We currently see a market with uncertainty and low volume, the RSI remains above 50%.
• RSI 4 hours: (Relative strength index): The RSI is well above 50%
• Main support level: $ 6000
• Higher resistance level: $ 6,500
• EMA: 100