An overall outlook on Bitcoin and potential price targets

٤ يناير ٢٠٢٠

Hi everyone. Here is my overall outlook on Bitcoin currently, please feel free to let me know what you think! Price is currently sitting between 2 key levels, we have seen multiple rejections recently from the resistance zone above us at $7710 but we have not yet tested the support zone below us at $6388, therefor I believe that before we can see a trend reversal and begin moving to the upside it only makes sense that we at least test this level as it held as support in 2018 for over 250 days. Not only do we have this key level just below us but we also have the 78.6% Fibonacci retracement, the 200 weekly moving average and a trend line that formed in May 2017, all around key level. It seems like it would only make sense for Bitcoin to test this region because of all these confluences that line up with it. Anywhere around the key support level will be a great opportunity for long term buys, this is where I am looking to accumulate as much Bitcoin as I can. However with this being said I still think we could see 1 final push to the upside before fulfilling these downside targets. On the daily chart you can see we have a trend line that has held up well and looks as if it could potentially be retested, there is also a Fibonacci coming into play with the 78.6% level lining up with this trend line. If this push to the upside does come through we must be prepared for a potential wick to the key level above at $7710 and possibly a push to the $7800 region. If this does come through I will be preparing for the downside targets to be fulfilled. For now let's sit back and see where the market goes in the upcoming days and weeks. I will provide updates as the market moves and potentially fulfills our targets. (Not financial advice, just my opinions)