Bitcoin continues to drop in the descending channel, currently finding support right at the Fibonacci golden pocket (0.618-0.65 levels), as it did for the last couple of days. The 21 & 55 weekly EMAs (yellow, blue) are pushing us down and the 200 MA (grey) looks quite inevitable. Despite the slight bullish divergence on the MACD-Histogram, the volume is still decreasing and the RSI is heading toward the lower reference line.
I'm still going with my 'prediction': Bitcoin to 5555$ bouncing at the 200 weekly MA and the 0.786 Fib. retracement + the RSI reaching the lower reference line and perhaps entering the oversold area and building a bullish divergence.
In my last post I wrote about the bullish divergence on the RSI and it turned out that the price of Bitcoin responded to this bullish sign: we had a 20% price spike, reaching the 55 day EMA. At the moment we broke the 21 day EMA support again and the MACD tends to cross to the bearish side. It looks like we're about to fall once again.
