Bitcoin Could Start Rising While Trading At Key Support Level

The Bitcoin has been experienced a heavy corrective move down after testing 3000 USD psychological resistance level. Price moved down to USD 2300 where it found strong support. This support area has been rejected multiple times on a daily timeframe with no daily close below that price.

At the same time Bitcoin managed to break above the formed triangle pattern suggesting the continuation of an uptrend. Currently it is trading at the USD 2300 support area once again, which seems to play a key role at the moment.

Whether Bitcoin will manage to hold this support remains to be seen but overall trend is still bullish. ┬áIn case of the continuation of an uptrend nearest upside target is around USD 3200, at 127.2% Fibonacci retracement level. While if it breaks below USD 2300, further decline towards USD 2000 – 1500 is possible.

Don’t forget about the User-Activated Soft Fork which is scheduled for the 1st of August 2017, that should establish the direction for the Bitcoin in the mid term.

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