BITCOIN looks to push UP
Bitcoin recently hit a support level which for the past 4 days has been rejecting and bouncing off from.
The support level consisted of a Monthly Pivot Point and a Fibonacci Golden Pocket (ratios 0.618 and 0.65).
Today the market is trading above a Daily Pivot Point.
We now have our first Resistance Level which is the Fibonacci Golden Pocket at 63944.45 to 64144.18.
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(When the first Daily candle gets to this level, should it break through and close above, BITCOIN will be heading more up, should it reject on this level, the market is either going to consolidate or retrace from there).
Should the market break through the first resistance it will be clear to be heading towards Resistance Level 2 which is at 68120.58 to 68282.28.
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(There again we need the first day candle to break through and close above that in order to know that we are still in the uptrend, should the first day candle reject of that area, we are looking at some consolidation or possibly a retracement from there).
<<<<<<<<<< Now This Is IMPORTANT To Note >>>>>>>>>>
Resistance Level 3, this is an area that needs to be watched carefully, simply because we have not only a golden pocket at around, 70500 to 70600 BUT we have a MAJOR all time Trend Fib 0.786 level just below that.
Should the market push up in time through the first 2 resistance levels, once it gets to the 3rd we will more than likely see a push through these Resistance 3 Levels with a Hard Pullback Rejection as this is targeting the ALL TIME HIGH AREA. Along with a Fibonacci Golden Pocket, A Fibonacci Trend Retracement Level, that area also includes Monthly Pivot Point Resistance Levels R2 and R3, which all in all is adding a lot of weight to that area making it very strong.
The support level consisted of a Monthly Pivot Point and a Fibonacci Golden Pocket (ratios 0.618 and 0.65).
Today the market is trading above a Daily Pivot Point.
We now have our first Resistance Level which is the Fibonacci Golden Pocket at 63944.45 to 64144.18.
====
(When the first Daily candle gets to this level, should it break through and close above, BITCOIN will be heading more up, should it reject on this level, the market is either going to consolidate or retrace from there).
Should the market break through the first resistance it will be clear to be heading towards Resistance Level 2 which is at 68120.58 to 68282.28.
====
(There again we need the first day candle to break through and close above that in order to know that we are still in the uptrend, should the first day candle reject of that area, we are looking at some consolidation or possibly a retracement from there).
<<<<<<<<<< Now This Is IMPORTANT To Note >>>>>>>>>>
Resistance Level 3, this is an area that needs to be watched carefully, simply because we have not only a golden pocket at around, 70500 to 70600 BUT we have a MAJOR all time Trend Fib 0.786 level just below that.
Should the market push up in time through the first 2 resistance levels, once it gets to the 3rd we will more than likely see a push through these Resistance 3 Levels with a Hard Pullback Rejection as this is targeting the ALL TIME HIGH AREA. Along with a Fibonacci Golden Pocket, A Fibonacci Trend Retracement Level, that area also includes Monthly Pivot Point Resistance Levels R2 and R3, which all in all is adding a lot of weight to that area making it very strong.
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