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Cryptocurrency Trade Ideas and Latest News
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[QUOTE="speculator, post: 147542, member: 34284"] [b]What Is Bitcoin Next Step?[/b] Bitcoin range trading continues as price stays trapped between $6000 support and $11700 resistance areas. While there is no clear direction it is likely that Bitcoin consolidation phase will extend further. Current support is based at 61.8% Fibonacci retracement level, that is $7780, and this level corresponds to the descending channel breakout point. Therefore it could be considered as a strong support which as of yet has been rejected. While the Bitcoin stays above that support the wave up should follow and could send price up to $10 psychological resistance. Break and close above it might result in a short term uptrend where the strong resistance is seen at 50% Fibs applied through the all time high, that is $12880. On a downside, daily break and close below $7780 could result in further decline towards either the uptrend trendline or the strong support area at $6000. [URL]http://cryptopost.com/what-is-bitcoin-next-step/[/URL] [img]https://www.tradingview.com/x/Sg4ISa7f/[/img] [/QUOTE]
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