Crypto-currency market: bitcoin is under pressure of correction
The pair BTC/USD, despite a three-week uptrend, remains in the correction phase. This is indicated by a return to the level of 6800 (Fibo 38.2 from the July maximum). Technical analysis also points to the potential for decline, which is confirmed by the overbought pair in the longer timeframes.
Transactions for sale are considered when fixing the pair below 6780-6700.000, thereby opening the way to support levels: 6600.000 and 6550-6500.000. Updating the recent highs at 6850.000 and 6880.000 cancels expectations for a decline.
BTC/USD. The current price is 6780.000.
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Andre Green
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