BTCUSD been repeating the downtrend retracement at 61.8% fiboFrom the chart, the 61.8% fibonacci level on the downtrend has been acting as the major resistant for bitcoin for the entire year so far. The next 61.8% fibonacci level will be at 6910 which is just around the current downtrend trendline, breaking this resistant could signal a major uptrend move.
Currently strong support at 6000 USD so watch out for the entry around there and HODL if it manages to break the next 61.8% fibo at 6910. Breaking below ~6000 USD could signal a continuation for downtrend, but a failed break low could be a signal for a long position.
I'll remain neutral at the moment and wait to see the price action for either side which should happen pretty soon.
