Bitcoin Daily – Massive Resistance Rejected – October 15, 2017

As a result of a heavy uptrend started a month ago, on the 13th of October Bitcoin produced an all-time high, reaching $5880.

At the price of $5880 for a Bitcoin, there is a double resistance based on Fibonacci retracement levels. First Fibs resistance is 627.2% retracement level of the descending channel formed from 15th of June till 15th of July.

First Fibs resistance is 627.2% retracement level of the descending channel formed from 15th of June till 15th of July.

Second Fibs resistance is 627.2% retracement level of the corrective wave down after the channel has been broken on the 20th of July.

Today, yet again, Bitcoin approaching $5880, while if rejected for the second time, could prove that the uptrend has exhausted itself and perhaps its time for consolidation or a correction down.

On the other hand, break above 6k would provide even more power for BTC/USD, but while resistance is holding selling pressure will remain high.

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