- BTC/USD has started the week off with a bid, rallying near to 2% on the day so far.
- However, until the bulls have conquered the near term resistance, the downside is still a scenario worth preparing for.
The daily chart has extended through a 61.8% Fibonacci retracement which makes the likelihood of a downside extension somewhat less likely.
However, a daily close below the resistance structure leaves the prospects of the downside more probable.
The correction, at least, has been slow and steady which is ideal.
The price from here has some work to do, but all will be to play for on a break and close below the newly formed support structure.
On a restest of that structure, which would then be acting as resistance and expected to hold, bears can seek to place their entries for a high probability trade set-up targeting a lower low in a new bearish impulse.