Bitcoin should breakout soon

Viktor Karapetjanc Crypto Post

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.

Author

Viktor Karapetjanc

Crypto Post

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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