Cryptocurrency
Trading Bitcoin: Rejected at $9.5k, What Now?
Hourly On the hourly chart above, you can see Bitcoin was rejected perfectly by the 0.618 fibonacci resistance level (purple line). This level will likely serve as critical resistance for the time being. In order for the bulls to sustain their momentum, price must not fall below the $9k support level. Daily This week was […]
Hourly
On the hourly chart above, you can see Bitcoin was rejected perfectly by the 0.618 fibonacci resistance level (purple line). This level will likely serve as critical resistance for the time being. In order for the bulls to sustain their momentum, price must not fall below the $9k support level.
Daily
This week was monumental for the bulls as they finally broke above the 200MA (orange). However, in order for momentum to continue we must see Bitcoin follow through with a break above the $9.5k resistance level. Once the trend forms this higher high, the true bull run can begin.
Conclusion
While this week was very significant for the bulls, Bitcoin still needs to follow through with a break above the $9.5k resistance level. Until that situation occurs, support at $9k must hold for the bull trend to continue. If a close above $10k occurs, the lack of resistance between $10-$20k could allow Bitcoin to create new all-time highs by the end of 2020.