Technical analysis Bitcoin. BTC-USD May 23, 2018May 23, 2018
The bears dominate, the market remains within the downtrend channel, we can go up to its upper verge, but the overall picture shows the downtrend movement. Now we have touched 7800 level, which corresponds to the golden ration Fib 0.618, which can form the correction bounce from the support level. RSI and Stoch RSI on 4h timeframe are in the oversold area and are ready to push the market further, however, the picture on higher timeframes shows the opportunity to move towards the Fib 0.786, which is on 7200 level. 3-day MACD is ready to cross towards the downtrend side, Stoch RSI going down and have enough potential to continue falling.