BTCUSD commentary : 07 august 2016

http://i.imgur.com/E78dM0m.png

Following the bearish pin bar of the 02 august, BTC price try to rally the resistance at 600 (old support from the 23 june).
Price may reach this resistance in the short term and decline again or reach the level 610 ( 50% fibonacci from the last decline movement) if the resistance at 600 is break.

On the other side, trend is still bearish from the last 2 months and the price could decline again and find some support at the level 540 (closing price of the last pin bar)

Commentary and chart aren't advice or a recommendation, it is general information only and for purpose to improve trading.
Trade with caution.