Following the previous idea on Bitcoin, $6500 support along with the uptrend trendline has been rejected twice suggesting the potential long-term uptrend continuation. Today the Bitcoin has closed above the descending channel, confirming bullish intention of the price.
The $6k remains the key support area and as it is being respected by the market Bitcoin should start rising. In 2018, Bitcoin holds great upside potential as the price could reach one of the two key resistance levels.
The first resistance confirmed by two Fibonacci retracement levels is at $23.5k, that is a 300% growth potential. The second resistance is at $37.5k level, which could result in a 540% this year along.
However, it could take some weeks for BTC to consolidate and price might produce a spike below the 6k support area, prior of the strong rise. Nevertheless the long-term trend remains bullish and it is only a matter of time before Bitcoin will establish a new all-time high.
Source: Read Full Article
- Bitcoin Halving Epoch Scale Primed to Send Price 20x Higher in Long Term
- Icelandic National Allegedly Involved in Cryptocurrency Mining Rig Thefts Recaptured in Amsterdam
- Number Of Bitcoin Whales Holding At Least 100 BTC Burgeons
- The 1.5 Million Wallets That Acquired Bitcoin at $8,000 Could Pose a Problem for Bulls
- Bitcoin [BTC] trumps gold as choice of store of value among millennials, says President of ETF Store