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Bitcoin could be heading towards USD 9k

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Following the previous idea on Bitcoin , the 4/1 Gann Fan has been rejected, along with the 61.8% Fibonacci retracement level at $6170. BTC /USD started to move up and currently reached the 61.8% Fibs at $6550.

This is a very strong resistance for Bitcoin , because it is also corresponds with the 200 Moving Average. In order for the uptrend to begin, price has to break and close above both, $61.8% Fib resistance and the 200 Moving Average on a daily time-frame.

Break above should confirm Bitcoin bullish intention and could send the price up to the $8820 resistance, that is confirmed by two Fibonacci retracement levels and corresponds to the uptrend trendline.

But, if the current resistance will hold, the consolidation could take place. BTC /USD could be trapped between $6170 and $6550 for some time. In this case break above the resistance or below the support would determine further Bitcoin direction.
Comment: resistance broken
Comment: approaching the target
Comment: next wave up could be on its way
Comment: BTC at the support... yet to reach 9k level

Comments

What price is for you confirmation on next wave?
Reply
@Astroc, current price, $7370, seems perfect for the beginning of the next wave
Reply
now would you recommend buying it?
Reply
OpenBlock cardan6006
@cardan6006, no recommendations here, just analysis, you have to make your own decision
+4 Reply