Yesterday’s action may have just provided us with a summer reversal. Bitcoin on the 1 Day chart is sitting at a key resistance level and support pivot at $6,700.
Fibonacci confirms this key level taken from a $10,000 target.
A retest of $6,400 would indicate that current price action was the spring for bull momentum. (Wyckoff)
A bounce off of $6,400 or confirmed support at $6,700 would put a price target of approximately $8,000. A significant break below $6,400 would put a price target of $5,500 back on the board.
Written by Mark