Hello traders, we’ve all been witnessing a significant push to the upside on BTC , many crypto enthusiasts separated in two ways some of them being and others , so I’d like to break down the weekly time frame and share with you both scenarios.
I have marked all the key levels that are needed to be taken into consideration, first one being the $6000 level that we’ve finally broken after few attempts which was a major support turned , and then spiked to the around $7000 from where BTC kinda lost its momentum.
As you can see, we are currently in an area which I’d like to call a no mans land, literally we can spike to the both sides from here. Bitcoin can either continue its upside end the yearly-long bear market and continue its rally kick-starting the bull run, or we can have a huge rejection like we did few months ago as you can see, from this same region and melt down back to the $3000 region
The blue area from $6500 to $7400, is a area that confluences well with my , which I’m monitoring closely, we can either retrace to the downside to full-fill the fibo or close above $7400 (78.6%) which would invalidate the fibo and skyrocket to $8500 region.
So, to keep it simple I am still not convinced that the prices we are currently in are a kick-start for the 2019 bull run, until we successfully manage to breach and close above $8500 level which was our last lower-high