marketcyclescrypto

BTC Playout . Major obstacles 9000$ , 12,000$

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bulls have won the fight, at least for now, which had all the ingredients of an epic war .
Once that happens, bitcoin price could test the nearby inflection point at the 38.2% Fib around $8500 or the 50% Fib at $9122. The 61.8% Fib lines up with the triangle resistance near $10,000, which is also a key area of interest.

Stochastic is pointing up to show that buyers still have enough energy to push for more gains, but RSI is already indicating overbought conditions to show that sellers could take over. In that case, another test of the triangle support could occur or perhaps a break lower. Note that the chart pattern spans $6,500 to $13,000 so the resulting breakout could be of the same size.

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