Hi guys, On the daily time frame, it can be seen that the cryptocurrency is trading around its previous lows. By drawing the Fibonacci retracement tool from the high of March 6 to the low of March 13, it can be seen that the area around 6,845.00 also coincides with the 61.8% Fib level.
I quoted this from an article from InvestingCube Called "Technicals Suggest Bitcoin Price (BTCUSD) Is About To Drop"
You can check it here:
https://www.investingcube.com/technicals-suggest-bitcoin-price-btcusd-is-about-to-drop/![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.investingcube.com%2Fwp-content%2Fuploads%2F2020%2F04%2FBTCUSD_D1.jpg&t=663&c=gP8Dzd24xuka1A)
Alternatively, a close above the high of April 12 at 7,200.00 would invalidate the head and shoulders pattern. It could then signal a potential rally to 7,466.57 where it topped on April 7.