Bitcoin hitting Massive Long-Term Support
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This week Bitcoin has reached the long-term support, that is 78.6% Fibonacci retracement level at $4387. At the same time it reached the bottom of the descending triangle, and almost tested the 200 Moving Average. Fibonacci, applied to the correctional wave up after breaking the uptrend trendline, is pointing on the $4050 level, that is a 161.8% retracement.
This makes the area between the $4050 and $4400 a key long-term support, which might play a very important role in further price development. If support will be respected, BTC/USD upside correction could be expected, aiming at the upper trend line of the triangle pattern.
However, downside risk remains and Bitcoin could drop further. It is not a high probability scenario, but definitely should be considered as one of the possible outcomes in the coming future. Weekly break and close below the $4050 most likely will send price down to the $2400-2250 support area, which is confirmed by 88.6% Fibonacci retracement level.
It seems the very important factor is that on the weekly chart price has approached 200 Moving Average and Fibonacci support, Indeed it will not be ignored, but potentially already noticed by all market participants. Well, maybe this is the turning point for the all cryptocurrency market in general and Bitcoin in particular? In any way, even if that is a reversal phase, usually a consolidation period takes place prior to the reversal.
Lets summarize… while the huge support area has been reached, price is likely to reverse or consolidate. To claim that trend is reversing is far too early, especially while there are no confirmation of that. Triangle pattern should be watched for break above or below, which might give more insights of further price direction.
This makes the area between the $4050 and $4400 a key long-term support, which might play a very important role in further price development. If support will be respected, BTC/USD upside correction could be expected, aiming at the upper trend line of the triangle pattern.
However, downside risk remains and Bitcoin could drop further. It is not a high probability scenario, but definitely should be considered as one of the possible outcomes in the coming future. Weekly break and close below the $4050 most likely will send price down to the $2400-2250 support area, which is confirmed by 88.6% Fibonacci retracement level.
It seems the very important factor is that on the weekly chart price has approached 200 Moving Average and Fibonacci support, Indeed it will not be ignored, but potentially already noticed by all market participants. Well, maybe this is the turning point for the all cryptocurrency market in general and Bitcoin in particular? In any way, even if that is a reversal phase, usually a consolidation period takes place prior to the reversal.
Lets summarize… while the huge support area has been reached, price is likely to reverse or consolidate. To claim that trend is reversing is far too early, especially while there are no confirmation of that. Triangle pattern should be watched for break above or below, which might give more insights of further price direction.
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