Three key resistance levels to watch for the Bitcoin

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Updated: 12 August 2020

Hello traders! The growing interest in the Bitcoin has resulted in a continuous uptrend on the BTC/USDT. Right now, BTC is rejecting the average-price uptrend trendline, which should result in the continuation of the rise.

The big question is how far price can get in the near term future. I would like to share with you three interesting resistance levels, which might be able to stop the uptrend. All of them are based on the Fibonacci retracement levels of the Fibs applied to the corrective wave down when the 50 Exponential Moving Average was rejected, and the corrective wave down after price broke the triangle pattern.

So what we have is three levels in the range of $ 12,50 – $14,110. The most substantial resistance could be located right in the middle, at $13,222. It is because it refers to two Fibs, 261.8% and 327.2% retracement levels.

But, if there will be Daily and Weekly close above the $14,100, Bitcoin price might continue to rise exponentially to test or even break above the all-time high at $20,000.

In regards to the downside risk, the critical support is located at $10,565, and daily close below will invalidate bullish outlook, where BTC/USDT might drop down to test the triangle support near $10k psychological level.

Bias: Strongly bullish while above $10,000

Potential Support Zone: 11400, 11200

Potential Targets: 12547, 13222, 14100

Have a profitable trading!