HiTech
Long

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.
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Why is everyone "like" this page? it could absolutely wrong
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You know this is a bearish pattern by definition, a textbook pattern to be precise. In case you don't know:

http://www.goldunze.de/wp-content/uploads/2015/04/baerische_flagge.png
+2 Reply
HiTech 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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HiTech Flexiflex
@Flexiflex, this was true for silver, but till now the pattern on BTC is different
+1 Reply
HiTech HiTech
+1 Reply
HiTech HiTech
@HiTech, sometime back, tron looked similar...
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Seriously, what's the likely hood that a descending triangle breaks up? Extremely unlikely.
+1 Reply
HiTech ibatman
@ibatman, it was broken already
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crow1980 ibatman
@ibatman, it broke through it upwards twice already. BTC remains undecided - it could go either way
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