BTCUSDT Returning to the previous channel

Feb 7, 2018

Market grew up significantly during this night, volume is also rising. BTC price went up and returned to the previous channel after the rebound from Fib 1 support level. In a very optimistic scenario it has chances to consolidate there after a small price decrease as it is in the overbought zone. Then important resistance level of Fib 0.786 will be broken and the price will head to the upper edge of the channel and after consolidation and bounce from a formed support around $8900 will broke upward the descending channel and may head to the next resistance level of Fib 0.618. This will be a critical moment for the market recovery. In the realistic scenario we may face with other manipulations and dumps, but overall significant volume rising is a good sign.