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Bitcoin (BTC/USD): strong support placed around $7,033
The Bitcoin received a fresh impetus on the support offered by the Fibonacci level of 78.6% in 7033 and we are now expecting it to move towards the 200-hour moving average. This confirms the solidity of the aforementioned area and we could see a wider recovery in the coming days, although it is still not entirely certain.
It is important to note that the strength of the US dollar across the board could continue to limit the profits in cryptocurrency, so it is possible that a break in the lows of May 29 to continue extending the downtrend. The RSI indicator remains in the overbought area, favoring this scenario.
What do we expect?
According to our forecasts in the short-term, as long as the BTC remains below the 200-hour moving average, the support level of 7033 could be fractured to allow a fall towards the Fibonacci level of 100% in 6270. On the other hand, in case of a resistance break in 7587, the bullish force would unleash to take Bitcoin to the 8241 level.
Felipe Erazo
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