Since February, when Bitcoin found the low at $6k, price continues to consolidate within the triangle patter. Currently BTC/USD is trading very close to the uptrend trendline and the support level at 78.6% Fibonacci retracement level.
Could it be the turning point for BTC? Yes, it certainly could be. Current price seems very attractive and could provide a good buying opportunity for the medium to short term investors. While BTC stays above $6k, the probability of the uptrend remains very high. There are two resistance areas where the Bitcoin could be heading towards, first is $13k and second $18.5k. Both of them are confirmed by Fibonacci retracement levels.
Only if BTC will break and close below $7k, price could reach $6k support once again, which is a key support. Break below $6k should invalidate bullish outlook and might result in a decline towards $4k area.
Could it be the turning point for BTC? Yes, it certainly could be. Current price seems very attractive and could provide a good buying opportunity for the medium to short term investors. While BTC stays above $6k, the probability of the uptrend remains very high. There are two resistance areas where the Bitcoin could be heading towards, first is $13k and second $18.5k. Both of them are confirmed by Fibonacci retracement levels.
Only if BTC will break and close below $7k, price could reach $6k support once again, which is a key support. Break below $6k should invalidate bullish outlook and might result in a decline towards $4k area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.