Hello traders! I love the cryptocurrency market in general and Bitcoin in particular, I love the concept on such “new money” in the modern world, and people are getting more and more familiar as two what Bitcoin really is.
There is more and more attention to the crypto world and its gaining popularity rapidly. On the other hand, fiat money has lost all the trust while constantly being devalued. People are forced to look for alternatives stores of value and Bitcoin could be one of such assets.
In the long run, no one really ever doubted the huge potential of Bitcoin technology, and now we have entered the age of digital money, the “new money”. Maybe this is just my imagination, but the BTC price should say it all in the coming years.
In any case, let’s have a look at the BTC/USDT price action on the 3-Day chart. The key point here is the rejection of the uptrend trendline and the support trendline at the time when this massive drop has occurred back on March 12. Bitcoin has proved, that even when all word economies suffering, it still manages to recover quite easily. This shows that there is trust in this technology and investors believe in the huge potential of cryptocurrencies in the coming years.
After bouncing off the trendlines, Bitcoin corrected up sharply and broke above the downtrend trendline. The 88.6% Fibs at $8555 has been rejected on the minor pullback, suggesting the validity of this support level.
Trendline break shows that bulls are now in control, and perhaps for the long term. We’ve applied two Fibonacci indicators, on two corrective waves. Both of them are pointing to the potential upside target, which is seen at $16500 area. If, or should I say when, Bitcoin will start to rise, $16,500 could end up being just a minor resistance. All in all, trending is getting extremely bullish, but make sure to watch $8117 support, because a break below will invalidate this forecast.
Bias: Strongly bullish while above $8117
Potential Support Zone: $8555 – 9170
Potential Targets: $1650
Have a profitable trading!