BTC: There Is So Much Resistance

BTC Daily Chart

The price of Bitcoin has been moving inside this Downward Channel for more than 6 months and it looks like many things are converging this time around and pointing to that 7.8k area. By the way, notice how the Fib levels were respected. Just incredible.

7.8k-8k is a strong horizontal level, which lasts from November 2017 (!), the 100-Day MA is in line with the downward channel resistance and coming up right there + the 50-Week EMA + it’s 0.382 Fib (from the 3k low to 13.9k high). So, 7.8k region is a tremendous confluence of resistance and breaking above it would mean a lot for the bulls.
However we need a higher high for clear confirmation.

If we do not manage to break that Resistance Cluster and pull back to 0.5 Fib at 6.6k - prepare yourself for sub 6k prices.


BTC Weekly Chart

Keep it simple: the price is captured between these two MAs - EMA50 resisting & EMA100 supporting the price. Break one of those MAs and we are going to follow the direction. Here is one remark: the fact that EMA100 has been tested for so many times is suggesting that this level is going to get broken.


What you think about this? Will we break that critical resistance or not? Tell us in the comments!



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The information given is never financial advice. Always do your own research.

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