Bitcoin (BTC) Determined To Test $5,800-$6,000 Zone Before Downtrend

in #bitcoin • 5 years ago

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Bitcoin (BTC) has been struggling to break past the $5,445 mark for more than ten hours. The last time BTC/USD broke above out of a similar bullish pennant it made a short lived rally which was followed by significant downside. The price has now clearly broken above the 61.8% Fib retracement level but if it keeps on consolidating again at current levels without forming higher highs and higher lows, the probability of a flash crash would increase. This probable crash would set the ground for BTC/USD printing the same fractal that it has two times now in the recent past. This fractal would see the price finally testing the resistance zone at $5,800-$6,000. It is very unlikely for the price to enter another downtrend without testing this zone

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5 years ago in #bitcoin by
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