Hello traders, we've all been witnessing a significant push to the upside on BTC, many crypto enthusiasts separated in two ways some of them being bullish and others bearish, so I'd like to break down the weekly time frame and share with you both scenarios.
I have marked all the key levels that are needed to be taken into consideration, first one being the $6000 level that we've finally broken after few attempts which was a major support turned resistance level, and then spiked to the around $7000 from where BTC kinda lost its bullish momentum.
As you can see, we are currently in an area which I'd like to call a no mans land, literally we can spike to the both sides from here. Bitcoin can either continue its upside end the yearly-long bear market and continue its rally kick-starting the bull run, or we can have a huge rejection like we did few months ago as you can see, from this same region and melt down back to the $3000 region
The blue area from $6500 to $7400, is a area that confluences well with my Fibonacci retracement, which I'm monitoring closely, we can either retrace to the downside to full-fill the fibo or close above $7400 (78.6%) which would invalidate the fibo and skyrocket to $8500 region.
So, to keep it simple I am still not convinced that the prices we are currently in are a kick-start for the 2019 bull run, until we successfully manage to breach and close above $8500 level which was our last lower-high.
I have marked all the key levels that are needed to be taken into consideration, first one being the $6000 level that we've finally broken after few attempts which was a major support turned resistance level, and then spiked to the around $7000 from where BTC kinda lost its bullish momentum.
As you can see, we are currently in an area which I'd like to call a no mans land, literally we can spike to the both sides from here. Bitcoin can either continue its upside end the yearly-long bear market and continue its rally kick-starting the bull run, or we can have a huge rejection like we did few months ago as you can see, from this same region and melt down back to the $3000 region
The blue area from $6500 to $7400, is a area that confluences well with my Fibonacci retracement, which I'm monitoring closely, we can either retrace to the downside to full-fill the fibo or close above $7400 (78.6%) which would invalidate the fibo and skyrocket to $8500 region.
So, to keep it simple I am still not convinced that the prices we are currently in are a kick-start for the 2019 bull run, until we successfully manage to breach and close above $8500 level which was our last lower-high.
