The Bitcoin long term trend remains bullish as price continually reject the USD 6K support level. The hottest bounce over the support occurred relating to the 10th of September which is exactly when the new Fibonacci Time Zone cycle has started.
Prior to that price has broke throughout the downtrend trendline and retraced back up in the 6k support. Fibonacci placed on the corrective wave down after a trendline breakout might help to determine the upside resistance levels.
If the huge support at 6k holds, Bitcoin could be starting just one more bullish run right away. But, there is also a huge resistance that must definitely be broken first and it’s also USD 10k physiological level, which matches the 161.8% Fibs retracement.
Break above it needs to be the confirmation within the further growth, that would result in the strong rise.
The resistance levels to see:
- USD 10,000
- USD 12,550
- USD 15,000
- USD 17,500
- USD 20,000
If Bitcoin breaks above the 10k level, next strong and potential key resistance could be at $17.5k, this really is 461.8% Fibs. But… if this level is broken, it usually is the long waited confirmation which the true bullish run initiated a policy of. In that case BTC/USD is predicted to grow to no less than 30-40k range in 2019.