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BTCUSD bouncing off 61.8% Fibonacci level!

Thursday, January 18, 2018 2:16 PM GMT

Following up our post, BTCUSD is recovering for the second day after a series of negative days and losing around 50% of its profits. It managed to bounce and close above 61.8% Fibonacci level yesterday while it is trying to establish an intraday higher low today.

Reviewing the hourly TF, there is a potential reverse Head and Shoulders or an ABCD pattern, even though the neckline has “negative” slope. According to this, if the price breaks out the neckline to the upside, it may give two possible measured targets as noted on the chart. On the other hand, if price violates $10400 to the downside, it will negate both short-term bullish scenarios.

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