BTC/USD trades between key Fibonacci retracement levels on Saturday. Bitcoin remains on track to close third straight week with gains. After advancing to its highest level since the March-13 crash at $7,250 on Thursday, Bitcoin (BTC/USD) struggled to preserve its bullish momentum and posted small losses on Friday. Although the pair is rising modestly on Saturday, the lack of volume suggests that it’s likely to fluctuate in a tight range. As of writing, the pair was up 1.5% on the day at $6,840. Technical outlook Thursday’s rally lifted the price to the Fibonacci 61.8% retracement of the sharp drop witnessed during mid-March at $7,250. However, the daily candlestick, which has a long wick and a small body, shows that the selling pressure remains strong around that area. With a daily close above $7,250, the pair could target $7,650 (50-day SMA) ahead of $8,170 (100-day SMA/200-day SMA). On the other hand, a strong near-term support seems to have formed at $6,600, the Fibonacci 50% retracement level. Below that level, $6,250 (20-day SMA) could be seen as an interim support ahead of $6,000 (Fibonacci 38.2% retracement/psychological level). BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Coronavirus update Spain: 124,736 confirmed cases and 11,744 fatalities FX Street 2 years BTC/USD trades between key Fibonacci retracement levels on Saturday. Bitcoin remains on track to close third straight week with gains. After advancing to its highest level since the March-13 crash at $7,250 on Thursday, Bitcoin (BTC/USD) struggled to preserve its bullish momentum and posted small losses on Friday. Although the pair is rising modestly on Saturday, the lack of volume suggests that it's likely to fluctuate in a tight range. As of writing, the pair was up 1.5% on the day at $6,840. Technical outlook Thursday's rally lifted the price to the Fibonacci 61.8% retracement of the sharp drop witnessed… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
