Fibonacci Levels Key in Bitcoin Support Zones, Whats Next For BTC?

Fibonacci Levels Key in Bitcoin Support Zones, Whats Next For BTC?

All eyes are on Bitcoin and where it will go next. After failing to retest $8,000 over the past day, a downside move is looking more likely and Fibonacci levels could be key places to find support zones.

Bitcoin Consolidation Before a Big Move

Over the past 24 hours or so Bitcoin has started trading sideways between $7,900 and $7,500. During Asian trading this morning it had recovered slightly from that intraday low to reach $7,850 or thereabouts. Failure to retest $8k could be a signal that further losses are imminent and the next major level of support lies around $7,600.

BTC prices 24 hours coinmarketcap.com

Fibonacci levels have been key in seeking support and resistance zones for Bitcoin, and crypto assets. There are several pullback areas to watch and the Fib retracement tool can point them out. Crypto trader Josh Rager has been doing the charts and plotting them;

Bitcoin is sitting at the 0.236 fib. The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w/ previous support/resistance between $6109 to $6814. Im personally watching for a bounce in this area with major interest near $6400.

He added that Bitcoin is in a condensing price range which could lead to another volatile move soon. These figures all tie in with the 30%+ correction that many analysts are now expecting. A drop from Bitcoins recent high would land it right in the middle of this range at $6,300.

Trader and economist Alex Kr?ger concurred in an earlier tweet commenting that anything between $6,800 and $6,200 would be a gigantic buying area adding;

6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.

Crypto sentiment has now switched from uber bullish to confident that the correction will be healthy. Many traders and analysts are actually willing BTC to drop so that they can load up on it at a better price. Those in it for the long haul can buy Bitcoin now and not worry about where prices will be later this year. The bull run has already been established by the positive signals on a number of various long term technical indicators.

At the time of writing Bitcoin was trading at $7,880, back to its daily high but still down 9 percent on the week. Moving averages and Fib levels will be key indicators as to where it is going next.

The post Fibonacci Levels Key in Bitcoin Support Zones, Whats Next For BTC? appeared first on Ethereum World News.

05.06.2019 / 23:20 35
Bitcoin (BTC) Price Watch: Downtrend Continuation or Reversal? Bitcoin (BTC) Price Watch: Downtrend
Bitcoin Price Key Highlights Bitcoin price continues to trend lower as it hit a roadblock at the top of its descending channel. Price could be
Bitcoin (BTC) Price Watch: Bullish Correction Needed? Bitcoin (BTC) Price Watch: Bullish
Bitcoin Price Key Highlights Bitcoin price continues to tread sideways in tight consolidation, and bulls might need to gather more energy on a
EOS Price Watch: Upside Triangle Break, Potential Retest EOS Price Watch: Upside Triangle Break,
EOS Price Key Highlights EOS broke out of that symmetrical triangle pattern previously highlighted to signal an uptrend. Price has found resistance
NEO Price Watch: How Low Can It Go? NEO Price Watch: How Low Can It Go?
NEO has been trending lower since breaking below a rising trend line and complex double top. Price has completed its retest of these areas of
Tron (TRX/USD) Price Technical Analysis for 05/10/2018  Where Buy Orders Are Waiting Tron (TRX/USD) Price Technical Analysis
Tron Price Key Highlights Tron is still in correction mode as it waits for bulls to return at nearby support zones. Applying the Fibonacci
Bitcoin Price Technical Analysis for 04/05/2018  Next Potential Support Zones Bitcoin Price Technical Analysis for
Bitcoin Price Key Highlights Bitcoin price is trending lower still after recently pulling back to a descending trend line on its 1-hour time frame.
Comments (0)
Add a comment
Comment on