Bitcoin continues to gradually descend in a formed downward wedge. In the classical understanding of technical analysis, this wedge should be broken up, but now every second trader sees this figure on the chart — because of this, it`s not a fact that everything will happen as simple as most people expect.
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Technically, we trade under the Fibonacci level 0.618, and under the 50% margin requirements level. Below, we have another tasty zone for the market maker, it is a 100% margin requirements zone, which almost coincides with the next Fibonacci level 0.786 ($ 8,000 - $ 8,200). The RSI index has already seen a long formation of bullish divergence, which increases the likelihood of a quick upward movement, but it is possible that it will be realized through a sharp downward movement, with a quick return of the price.
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We expect at least a corrective upward movement, either from current prices of $ 8,400 / $ 8,500, or after another descent down, from $ 8,100 / $ 8,200. If these levels do not deter aggressive sellers, then we have a risk of moving further down to the $ 6,000 area, but for now, we are adhering to a positive scenario with a corrective upward movement, after which we will see cryptocurrency market further mood.
.
Technically, we trade under the Fibonacci level 0.618, and under the 50% margin requirements level. Below, we have another tasty zone for the market maker, it is a 100% margin requirements zone, which almost coincides with the next Fibonacci level 0.786 ($ 8,000 - $ 8,200). The RSI index has already seen a long formation of bullish divergence, which increases the likelihood of a quick upward movement, but it is possible that it will be realized through a sharp downward movement, with a quick return of the price.
.
We expect at least a corrective upward movement, either from current prices of $ 8,400 / $ 8,500, or after another descent down, from $ 8,100 / $ 8,200. If these levels do not deter aggressive sellers, then we have a risk of moving further down to the $ 6,000 area, but for now, we are adhering to a positive scenario with a corrective upward movement, after which we will see cryptocurrency market further mood.