Bitcoin Short Term View

Bitcoin has gained over 55% since the beginning of April, while it moved from $6425 up to $9900. The $10k area remains a key resistance for the Bitcoin as it is a very strong psychological level. As price failed to break above a correction down followed and currently Bitcoin is trading at the 23.6% Fibonacci support, that is $9225.

There was no clear break below that support, not to mention that price rejected the lower trendline of the ascending channel. At the moment Bitcoin is still bullish and after some consolidation the uptrend is likely to continue. If BTC/USD manages to break above the $10k with confidence, the next target is seen between $18-19k (as per previous idea).

Nevertheless, the downside risk remains and Bitcoin could go more down, but only if there will be a daily close below $8980. In that case next support is seen at $7850, which is 61.8% Fibonacci retracement level.

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