Bitcoin Enters The New Bullish Cycle?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The Bitcoin long term trend remains bullish as price continues to reject the USD 6K support level . The most recent bounce off the support occurred on the 10th of September and this is exactly when the new Fibonacci Time Zone cycle has started.

Prior to that price has broke above the downtrend trendline and retraced back to the 6k support. Fibonacci applied to the corrective wave down after the trendline breakout could help to determine the upside resistance levels.

If the massive support at 6k will hold, Bitcoin could be starting yet another bullish run right now. But, there is a huge resistance that must be broken first and it is USD 10k physiological level, which corresponds to the 161.8% Fibs retracement.

Break above it should be the confirmation of the further growth, that might result in the strong rise. 

The resistance levels to watch:

USD 10,000
USD 12,550
USD 15,000
USD 17,500
USD 20,000
If Bitcoin breaks above the 10k level, next strong and potential key resistance could be at $17.5k, that is 461.8% Fibs. But... if this level is broken, it could be the long confirmation that the true bullish run has begun. In that case BTC /USD is expected to grow to at least 30-40k range in 2019.


It will bounce down from first or second resistance and then will drop to 2k, then it might got to ATH.
+3 Reply
onefasz DonLeone
@DonLeone, lol bears be like skeletons waiting for 3k
@DonLeone, no way BTC goes down to 2K, you’re probaly new in trading or have a special interest to see BTC that low.
Sabibaby GuillermoNavarro
@GuillermoNavarro, Ha! from someone who joined 12hrs ago. This is the exact sames same as someone who bought in Dec 17' saying "no way BTC can go below $10K!!!"
+1 Reply
OpenBlock DonLeone
@DonLeone, At the moment it just does not have a bearish pattern, at least comparing to the Silver reversal
@DonLeone, you’re probably new in trading because there is no way BTC can go down to 2K, based on the market behavior and an strong resistance in the 6K level that is has been proven can’t be broke.
tecnica GuillermoNavarro
@GuillermoNavarro, abwarten, 6000 könnte noch geschlagen werden, aber du bist wahrscheinlich neu im Handel oder hast besondere Interessen, BTC nur nach oben geht
Sabibaby GuillermoNavarro
@GuillermoNavarro, it's been broke before, probably a lot like you BROKE!
You know this is a bearish pattern by definition, a textbook pattern to be precise. In case you don't know:
+2 Reply
OpenBlock Flexiflex
@Flexiflex, only when it breaks below the support, but from what we see it broke above the resistance - downtrend trendline
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