Bitcoin Enters a New Bullish Cycle?

The Bitcoin long term trend remains bullish as price continues to reject the USD 6K support level. The most recent bounce off the support occurred on the 10th of September and this is exactly when the new Fibonacci Time Zone cycle has started.

Prior to that price has broke above the downtrend trendline and retraced back to the 6k support. Fibonacci applied to the corrective wave down after the trendline breakout could help to determine the upside resistance levels.

If the massive support at 6k will hold, Bitcoin could be starting yet another bullish run right now. But, there is a huge resistance that must be broken first and it is USD 10k physiological level, which corresponds to the 161.8% Fibs retracement.

Break above it should be the confirmation of the further growth, that might result in the strong rise.

The resistance levels to watch:

  1. USD 10,000
  2. USD 12,550
  3. USD 15,000
  4. USD 17,500
  5. USD 20,000

If Bitcoin breaks above the 10k level, next strong and potential key resistance could be at $17.5k, that is 461.8% Fibs. But… if this level is broken, it could be the long waited confirmation that the true bullish run has begun. In that case BTC/USD is expected to grow to at least 30-40k range in 2019.