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Bitcoin: From $6k to $18k to $36k Expectation

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has once again rejected the $6k support and today once again breaking the downtrend trendline or the descending triangle pattern. The trend seem to be turning bullish , especially if today’s daily close will be above the downtrend trendline.

It the trendline will be broken, Bitcoin will most likely rise towards the $10k psychological resistance in a relatively short period of time. This is a very strong level, where price might start to consolidate. But if this resistance is broken, next upside target will most likely be the 88.6% Fibs, that is $18k area.

From that price a strong correction is very likely to take place and considering the average Bitcoin correction during an uptrend, BTC /USD should fall by 40%, towards the $10-11k support area , which is the 38.2% Fibs level.
This might be the time when institutional investors will step in, resulting in a strong growth of Bitcoin , the target for that wave could be the 161.8% Fibs, that is $30k area. Break above the $30-36k price, should confirm a very strong bullish momentum for the Bitcoin in the long-term.
Comment: Expecting heavy increase in volume in the beginning of October

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