BTC will need to hold this 0.618-0.786 zone if it wishes to continue on. It seems to be losing momentum on higher timeframes and trend line is struggling to get defended. Possible bull trap in a classic sell zone. We have a lot of resistance on the upside here and havent had enough of a correction to reset momentum yet.
Seems like BTC was pumped because of the Amazon rumor ....
Papou
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@Pierrus, It is people just fighting it at this point. A lot of people got lucky in this bull run and have a decent amount of capital now. They are just support this at too high of a price and we must remember the market giveth and the market taketh.
jeffneto
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To which point do you think that downtrend reaches? $4800? Thanks for the analysis.