Bitcoin Should Breakout Soon
Since February, when Bitcoin found the low at 6k, price continues to consolidate within the triangle patter. Currently BTC/USD is trading very close to the uptrend trendline and the support level at 78.6% Fibonacci retracement level.
Could it be the turning point for BTC? Yes, it certainly could be. Current price seems very attractive and could provide a good buying opportunity for the medium to short term investors. While BTC stays above 6k, the probability of the uptrend remains very high. There are two resistance areas where the Bitcoin could be heading towards, first is
13K and second 18.5k. Both of them are confirmed by Fibonacci retracement levels.
Only if BTC will break and close below 7k, price could reach 6k support once again, which is a key support. Break below 6k should invalidate bullish outlook and might result in a decline towards
4K area.
Could it be the turning point for BTC? Yes, it certainly could be. Current price seems very attractive and could provide a good buying opportunity for the medium to short term investors. While BTC stays above 6k, the probability of the uptrend remains very high. There are two resistance areas where the Bitcoin could be heading towards, first is
13K and second 18.5k. Both of them are confirmed by Fibonacci retracement levels.Only if BTC will break and close below 7k, price could reach 6k support once again, which is a key support. Break below 6k should invalidate bullish outlook and might result in a decline towards
4K area.
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