BTC/USD next target

After bitcoin price went up 22% over the past week and reached its peak at $8,400 , it has since experienced a 9% correction. BTC tested and got rejected by the 20 week moving average, this is also where a 50% Fibonacci Retracement lies. The price is currently at the important $7,750 support level, which if it won’t be able to hold could fall back to $7,200 until the next 61,8% Fib level.