After an incredible uptrend, Bitcoin reached an all-time high hitting $20,000. This was an extremely strong psychological resistance level where buyers started to fix profit. It has resulted in a massive correction where Bitcoin declined down to $9,000, losing 55%.
It seems that bitcoin found the support near $10,825 which has been rejected for the second time. This level also corresponds to 50% Fibonacci retracement level, and although price spiked lower, the daily close price remained above that level.
In order for Bitcoin to go lower, a daily close must be below $9k, it this case price could drop as low as $4k, where 88.6% Fibs. But it seems quite unlikely considering the demand and the number of investors getting involved in the cryptocurrency trading all over the world.
As the support is holding, Bitcoin could take a break and colsolidate for some time, while range trading between $14k resistance and $9k support. If it manages to break above the $14k resistance, price could once again go up to $20k to form a double top and perhaps continue a long term uptrend and establishing new all-time highs.
It seems that bitcoin found the support near $10,825 which has been rejected for the second time. This level also corresponds to 50% Fibonacci retracement level, and although price spiked lower, the daily close price remained above that level.
In order for Bitcoin to go lower, a daily close must be below $9k, it this case price could drop as low as $4k, where 88.6% Fibs. But it seems quite unlikely considering the demand and the number of investors getting involved in the cryptocurrency trading all over the world.
As the support is holding, Bitcoin could take a break and colsolidate for some time, while range trading between $14k resistance and $9k support. If it manages to break above the $14k resistance, price could once again go up to $20k to form a double top and perhaps continue a long term uptrend and establishing new all-time highs.
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Bitcoin At The Massive Psychological Support - cryptopost.com/bitco...ychological-support/
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Gann Fan is being rejected, up?
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Bitcoin breaking below the support, the question is where will be the daily close, below 9k or not.
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Only a close below 8840 could push price towards 4k, I don't see it happening, but lets see the reality, should be clear soon
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Here is the update guys
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the correction was about 50% from the all time high, imagine the next target, 50k?