Bitcoin Unlikely To Fall Before Further Upside

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Bitcoin Unlikely To Fall Before Further Upside

Bitcoin (BTC) has closed the week above a strong support as it keeps on testing the 38.2% fib extension level. The price is showing signs of weakness while it remains below the 38.2% but it is important to note that the more it tests this level, the more likely it is to eventually break above it. The probability of BTC/USD climbing above $10,000 still remains quite high even though the price has started the week in red and has declined below the support it closed above. The price is still highly likely to close the week above the $9,508 mark. We can use the NVT indicator to see when the price risks further downside and when it doesn’t. If we take a look at the indicator, we can see that the times it traded below its RMA, the price continued to decline.

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