Bitcoin Hitting The Resistance

Following the previous idea on Bitcoin, price rejected the 61.8% Fibonacci retracement level at $6170 and broke above the resistance resulting in a strong growth. Today BTC did hit $7560 high, resulting in a 25% growth in less than a week time.

The interesting point is that price has reached the 88.6% Fibonacci retracement level, which is the first resistance for Bitcoin. The resistance corresponds to the uptrend trendline, suggesting the strength of the current level.

In order for the Bitcoin to continue moving higher, current resistance must be broken, with a daily break and close above $7562. When/if that occurs, Bitcoin growth should continue, while the next potential upside target is seen at $8820.

On the other hand, if the resistance will hold, Bitcoin enter the consolidation between $7550 and $6170, which might result in a corrective move down. But all-in-all the upside momentum seem to be strong, now its just time to wait for a break above.



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