Bitcoin Price is Coiling- Expect A Breakout Soon!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Pay attention- the price of bitcoin is about to explode.

Remember, just one year ago, the price of bitcoin stood at $6,000. After running up quickly to nearly $20,000 in November and December, the price of bitcoin has spent a year consolidating to it's current price of about $6,500. Bitcoin is currently displaying a classic coiling pattern, where the price becomes rangebound in an ever-narrower channel, coiling up like a spring. Historically, it is at the point where prices explode , either to the upside or the downside, as the frustrating sideways movement unleashes the energy built up in the coil and the prices runs quickly in one direction or the other. I'll be watching closely over the next couple of weeks to see which direction the price breaks out.
Nice idea on BTCUSD and there may be bullish bias as you have identified. For our set up, we have identified the key support and resistance levels. The support that we have identified is at 6446.8. It is a horizontal swing low support, with 100% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its support and we might see a corresponding rise in price should it react off this level. If a corresponding bounce does occur, we may want to look at the 7419.1 resistance level. There is a 61.8% Fibonacci extension. Excited to see how things develop.

Please take a look at our idea and share with us what you think.

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