if there is a bounce in BTC price and we get an update from MINE ,this could spring back to retest .0007 short term.i would expect a major announcement this week. echnical Outlook
RSI is showing oversold. The price has fallen to and bounced along the 61.8 percent Fibonacci retracement, meaning the bearish trend has been strong, but this is also a point that generally signals a reversal. Similarly, the buy markets percentage has dropped to 8%. Anything below 10% is considered to signal a reversal. The most recent reversal using this metric came at 4% in March.
The 5-day and 10-day Moving Averages show the strong bearish pattern from May. The RSI is holding between 50 and 30, which isn’t too strongly an indicator of one way or the other.
A successful close above the trend line and $7,700 may perhaps open the doors for more gains.
Bitcoin price is showing positive signs above $7,400 against the US Dollar. BTC/USD must break the $7,650 and $7,700 resistance levels to recover further.
Fundamental Outlook
It’s hard to imagine Bitcoin without these kinds of drops at this point. The drama continues to raise public interest. The U.S. government has launched an investigation into price manipulation on cryptocurrencies like Bitcoin and Ethereum. While this isn’t the best news, it’s better than nothing being done.
It also doesn’t stop the positive changes from happening as well. A German Exchange recently said they are interested in adding BTC products and Paypal CFO says they will support BTC in the future.
