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Long

Bitcoin Potential in 2018

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Following the previous idea on Bitcoin, $6500 support along with the uptrend trendline has been rejected twice suggesting the potential long-term uptrend continuation. Today the Bitcoin             has closed above the descending channel , confirming bullish intention of the price.

The $6k remains the key support area and as it is being respected by the market Bitcoin             should start rising. In 2018, Bitcoin             holds great upside potential as the price could reach one of the two key resistance levels.

The first resistance confirmed by two Fibonacci retracement levels is at $23.5k, that is a 300% growth potential. The second resistance is at $37.5k level, which could result in a 540% this year along.

However, it could take some weeks for BTC             to consolidate and price might produce a spike below the 6k support area , prior of the strong rise. Nevertheless the long-term trend remains bullish and it is only a matter of time before Bitcoin             will establish a new all-time high.
Comment: BTC should continue moving north
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