Bitcoin could be heading towards USD 9k
Updated
Following the previous idea on Bitcoin, the 4/1 Gann Fan has been rejected, along with the 61.8% Fibonacci retracement level at $6170. BTC/USD started to move up and currently reached the 61.8% Fibs at $6550.
This is a very strong resistance for Bitcoin, because it is also corresponds with the 200 Moving Average. In order for the uptrend to begin, price has to break and close above both, $61.8% Fib resistance and the 200 Moving Average on a daily time-frame.
Break above should confirm Bitcoin bullish intention and could send the price up to the $8820 resistance, that is confirmed by two Fibonacci retracement levels and corresponds to the uptrend trendline.
But, if the current resistance will hold, the consolidation could take place. BTC/USD could be trapped between $6170 and $6550 for some time. In this case break above the resistance or below the support would determine further Bitcoin direction.
This is a very strong resistance for Bitcoin, because it is also corresponds with the 200 Moving Average. In order for the uptrend to begin, price has to break and close above both, $61.8% Fib resistance and the 200 Moving Average on a daily time-frame.
Break above should confirm Bitcoin bullish intention and could send the price up to the $8820 resistance, that is confirmed by two Fibonacci retracement levels and corresponds to the uptrend trendline.
But, if the current resistance will hold, the consolidation could take place. BTC/USD could be trapped between $6170 and $6550 for some time. In this case break above the resistance or below the support would determine further Bitcoin direction.
Comment
resistance brokenComment
approaching the targetComment
next wave up could be on its wayComment
BTC at the support... yet to reach 9k level
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