Bitcoin (BTC/USD) bounced from the 50% Fibo level

Bitcoin (BTC/USD) bounced from the 50% Fibo level

Bitcoin continues to extend the rally across the board and it’s now consolidating above the 200 SMA at H1 chart. After testing the Fibonacci retracement level of 50% at 2611.95, BTC/USD made a rebound and is heading towards the -23.6% Fibo level around 2918.05. That’s our preferred target in the short-term, but this scenario could get invalidated when the cryptocurrency does a breakout below July 30th lows and it could open the doors to test the July 26th lows.

RSI indicator remains in the positive territory, calling for more upside in the pair.



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