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Bitcoin over important Fibonacci level looks for the volume needed for an upward momentum again.


Bitcoin, the main cryptocurrency in the market is currently above the 38% Fibonacci level near $ 8,300. Last week I scored a maximum of $ 9,200 and since then a small price correction has begun.

The situation at this time is uncertain for the short term. While we are in an important price support, it seems that buyers and bears do not intend to fight at this level.

There is a possibility that the price falls a little until S1 of the week just where the EMA of 200 periods and 50% Fibonacci level passes around $ 8100. This seems to be a more important support where we previously saw a small price consolidation.

If we want to see a change in the upward trend we should expect a movement above the weekly pivot or 23% fibonacci near $ 8,650. At the moment we could expect a rebound at $ 8,100, if not, we will continue in a small correction and downward trend that can be prolonged below $ 8,000

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