OpenBlock

Bitcoin Is Trading Between Support & Resistance

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The Bitcoin has found the support at 76.4% Fibonacci retracement after it has been rejected together with the uptrend trendline on the 6th of February. However, on the lower scale, the uptrend trendline has been broken and Fibonacci applied to the trendline breakout point shows that the 38.2% Fibos has also been rejected on the 60th of February.

It makes the area between $6k and $6.5k a very strong support, that hasn't been penetrated. Whats more, is that currently Bitcoin is moving within the descending channel and seem to rejected the lower trendline. All-in-all Bitcoin is facing a strong support area and if it continues to be respected by the market price could potentially correct upwards towards nearest resistance at $9k. Break above that resistance is likely to establish an uptrend towards $15k-17k area.

On the downside, weekly break and close below the $6k support should push price further down, towards $3.3k - $3.8k support area , from where Bitcoin is likely to recover very fast.
Comment: All goes according to play, btc should reach 15-17k area, then it will be interesting to see the progress
Comment: Resistance broken
Comment: Looks like we could have next wave up
Comment: slowly reversing to the upside
Comment: btc at the support

Comments

So you post different BTC analysis, and later, the one that follow the actual price action is updated? why your last post on BTC says the support at ~7200??
Reply
This seems to be a realistic probability and we should be seeking lower support on the daily in the next couple of weeks.

Nice chart
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OpenBlock SuperShibe
@SuperShibe, well, the resistance has been broken, so could continue going up
Reply
what is this 60th of april you speak of
Reply
OpenBlock shinock
@shinock, 6th
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