Bitcoin has established an uptrend while price continues to produce higher highs and higher lows. The most recent high at $7430 was tested on the 2nd of September, where it rejected the 38.2% Fibonacci retracement level.
It is now possible that Bitcoin will enter the short term consolidation phase, especially considering recent growth. In that case, price might start ranging between $7400 resistance and $7050 support areas.
Both of these levels should be watched for the breakout. If BTC/USD breaks with the daily close above the $7430, the uptrend continuation will become very likely, pushing the price towards the $10k psychological resistance. On the other hand, if price breaks and closes below the $7050 support, further corrective move down should follow.
There are several Fibonacci support levels to watch in case the correction will start. First is $6800 area, a strong support confirmed by two Fibs. Second is $6650, third is $6460 and final support is seen at $6200 area.
It is now possible that Bitcoin will enter the short term consolidation phase, especially considering recent growth. In that case, price might start ranging between $7400 resistance and $7050 support areas.
Both of these levels should be watched for the breakout. If BTC/USD breaks with the daily close above the $7430, the uptrend continuation will become very likely, pushing the price towards the $10k psychological resistance. On the other hand, if price breaks and closes below the $7050 support, further corrective move down should follow.
There are several Fibonacci support levels to watch in case the correction will start. First is $6800 area, a strong support confirmed by two Fibs. Second is $6650, third is $6460 and final support is seen at $6200 area.
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