BTCUSD been repeating the downtrend retracement at 61.8% fibo

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
From the chart, the 61.8% fibonacci level on the downtrend has been acting as the major resistant for bitcoin for the entire year so far. The next 61.8% fibonacci level will be at 6910 which is just around the current downtrend trendline , breaking this resistant could signal a major uptrend move.

Currently strong support at 6000 USD so watch out for the entry around there and HODL if it manages to break the next 61.8% fibo at 6910. Breaking below ~6000 USD could signal a continuation for downtrend, but a failed break low could be a signal for a long position.

I'll remain neutral at the moment and wait to see the price action for either side which should happen pretty soon.


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