Some thoughts on BTC's price action lately.
Bitcoin is still consolidating after a late-April run to nearly $10,000. Currently, Bitcoin's price is hovering around $7630, but it looks likely that this price could retrace to around $7300. Confluence exists at this zone between the .786 fib retracement of the market run in April and the long-term trend support from February--when Bitcoin fell to ~$6000.
Several indicators show that BTC is currently oversold. Once as Bitcoin finds support, it is likely that bulls will try again to push price higher. However, if BTC fails to find support above the long-term trend line, it is possible that price could continue to fall to previous price support around $6600. Patience is key! The market needs to confirm a support zone before higher resistance zones can be tested.
What are your thoughts? Please share below.
