BTC/USD

It has been a rather tumultuous week in the crypto markets with the scheduled fork being cancelled and rumours of political upheaval so to speak, Trevon James explains all here in his podcast, with that aside a look at the charts from a technical standpoint seem to be showing a bounce.
Below is the daily chart for BTC/USD we can see that the $6000 level seems to be showing some support though we are at resistance as we try to break through the trend-line once again to find a more solid support, during the sell-off we have moved away from overbought territory as indicated by the RSI. The fibonacci retracement shows the sell-off has reached the 60% range which is a healthy pullback though it does not mean it is over.

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Below is the weekly timeframe and it is pretty much a confirmation of what is happening in the daily domain, we have had a significant pullback and are currently experiencing a healthy bounce, whether upward momentum can sustain itself is a question only time can tell, though i feel that any downward movements should be limited.

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