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Bitcoin could be heading towards USD 9k

Bitcoin could be heading towards USD 9k
Viktor KarapetjancViktor KarapetjancCrypto Post

Following the previous idea on Bitcoin, the 4/1 Gann Fan has been rejected, along with the 61.8% Fibonacci retracement level at $6170. BTC/USD started to move up and currently reached the 61.8% Fibs at $6550.

This is a very strong resistance for Bitcoin, because it is also corresponds with the 200 Moving Average. In order for the uptrend to begin, price has to break and close above both, $61.8% Fib resistance and the 200 Moving Average on a daily time-frame.

Break above should confirm Bitcoin bullish intention and could send the price up to the $8820 resistance, that is confirmed by two Fibonacci retracement levels and corresponds to the uptrend trendline.

But, if the current resistance will hold, the consolidation could take place. BTC/USD could be trapped between $6170 and $6550 for some time. In this case break above the resistance or below the support would determine further Bitcoin direction.

Bitcoin

Author

Viktor Karapetjanc

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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