The currency pair managed to cross the descending trend line on Friday and followed the Green scenario. BTC/USD reached 1.618 retracement level, which coincides with $7,565 resistance area. However, later Bitcoin resumed declining and reached the descending trend line. The possible scenarios for BTC/USD are the following:
1. Red scenario (bearish). The currency pair will break through the support area at $7,199 and move below it developing downside tendency.
2. Orange scenario (neutral). BTC/USD will jump off the current support area at $7,199 and move upwards targeting the closest resistance area at $7,565, which coincides with 1.618 retracement level.
3. Green scenario (bullish correction). The currency pair will go towards $7,565 resistance area and break it through aiming the next resistance area at $7,949.
We think that neutral scenario has more chances to develop. However, bullish correction towards $7,949 is also possible.
Check the full crypto analysis HERE.
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