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16 Aug 2017
Bitcoin rebounds from 23.6% fib retracement support
Bitcoin or BTC/USD staged a solid rebound from the area around $3802.83 [23.6% Fib R of July low - Aug high] during the overnight trade.
Prices fell sharply in the European and NY session yesterday following the confirmation of a bearish price RSI divergence on the Intraday charts. The 14-day RSI shows the virtual currency is extremely overbought… hence, the current rebound is to be viewed with caution.
BTC/USD currently trades around $4145 levels. As per coinmarketcap.com, the virtual currency has shed 4.65% over the last 24 hours.
BTC Technical Levels
A break above $4178 [1-hour 50-MA] would open up upside towards 4328 [resistance on 1-hr] and $4434 [record high]. On the downside, breach of support at $4049 [1-hour 100-MA] would open doors for a re-test of $3802 [23.6% Fib R] and $3743 [4-hour 50-MA].