BTCUSD - Full Top Down Analysis

== WEEKLY CHART ==

The weekly timeframe is holding nicely above the 61.8% Fibonacci retracement level and how looks for further upside towards the 78.6%. If Bitcoin is able to reach the 78.6, this level will be faced with a additional resistance being the descending resistance trendline.

== DAILY CHART ==

With the daily perspective, price action is holding above the 61.8% which coincides with the 200 Simple Moving Average. If we take a look at RSI, we can see some bearish divergence is beginning to form which suggests the bulls are starting to get a bit exhausted. If prices drop, to validate a bearish scenario, price action will need to decline below the 61.8% along with the 200 SMA.

== 4Hr ==

Lastly on the 4 hour timeframe, Stochastics is indicating that this instrument is overbought which suggests another retest of the 61.8 and 200 SMA is likely to happen. Key question of course is: "What will happen next once we hit that level?" Will price action find further support and manage to hold above, or will prices begin to decline further?

== IN SUMMARY ==

Keep an eye out for that 61.8% level for a retest. If the bearish momentum accelerates at the 61.8%, expect a break low towards the 50% level which would be around the 44k area. If on the other hand prices continue to climb higher, expect resistance around 52-53k as that level contains a resistance confluence.