MAGICMARK

BTC how high will you GO, and will you ever reach that LOW?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We're coming up to an important resistance level , all time high trend line 1, and a fib is also converging there. Interesting zone is the 8500 to 8700 level, and breaking this could mean a run up to test the previous high of 9177 (call it 9200). A safer long at 8800 though (although there's no guarantees as you already know), but 9200 could be the turning point, so the reversal may be quick.

It could also fail at that all time high trend line (or even around now as we are close enough).

We won't be going to 20k in one straight line, it's simply a question of when the reversal will happen and with how much force. I'm still counting on either a 6k double bottom test or a 5.4k bottom (could go lower though), and I'm also ready to react if the market has a different idea. Charts are to help us point out patterns and key levels. 8500 - 8700 is KEY to me ... so I'd watch it closely.

Remember only a fool relies on one potential outcome.

Do not use this information for investment decisions. For educational purposes only.
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