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Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
Bitcoin hitting Massive Long-Term SupportThis 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.
BITFINEX:BTCUSD
by CryptalDash