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Fibonacci Levels Key in Bitcoin Support Zones, What’s Next For BTC?

Bitcoin BTC Futures Price Prediction

All eyes are on Bitcoin and where it will go next. After
failing to retest $8,000 over the past day, a downside move is looking more
likely and Fibonacci levels could be key places to find support zones.

Bitcoin Consolidation Before a Big Move

Over the past 24 hours or so Bitcoin has started trading sideways between $7,900 and $7,500. During Asian trading this morning it had recovered slightly from that intraday low to reach $7,850 or thereabouts. Failure to retest $8k could be a signal that further losses are imminent and the next major level of support lies around $7,600.

BTC prices 24 hours – coinmarketcap.com

Fibonacci levels have been key in seeking support and
resistance zones for Bitcoin, and crypto assets.  There are several pullback areas to watch and
the Fib retracement tool can point them out. Crypto trader Josh Rager has been
doing the charts and plotting them;

“Bitcoin is sitting at the 0.236 fib. The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w/ previous support/resistance between $6109 to $6814. I’m personally watching for a bounce in this area with major interest near $6400.”

He added that Bitcoin is in a condensing price range which
could lead to another volatile move soon. These figures all tie in with the
30%+ correction that many analysts are now expecting. A drop from Bitcoin’s
recent high would land it right in the middle of this range at $6,300.

Trader and economist Alex Krüger concurred in an earlier tweet
commenting that anything between $6,800 and $6,200 would be a ‘gigantic buying
area’ adding;

“6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”

Crypto sentiment has now switched from uber bullish to confident
that the correction will be healthy. Many traders and analysts are actually willing
BTC to drop
so that they can load up on it at a better price. Those in it
for the long haul can buy Bitcoin now and not worry about where prices will be
later this year. The bull
run has already been established
by the positive signals on a number of
various long term technical indicators.

At the time of writing Bitcoin was trading at $7,880, back
to its daily high but still down 9 percent on the week. Moving averages and Fib
levels will be key indicators as to where it is going next.

The post Fibonacci Levels Key in Bitcoin Support Zones, What’s Next For BTC? appeared first on Ethereum World News.

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Will Bitcoin Follow Fibonacci And Correct Back to $4,300?

Bitcoin Institutional Investors 2019

There is no denying that Bitcoin has had an epic bull run
over the weekend. It has rallied to new highs not seen for nine months and
surged through several levels of resistance. Analysts are now expecting a pullback
but how low will BTC go this time around?

Thousand Dollar Bitcoin Weekend

Bitcoin had its first thousand dollar weekend since 2017
according to Bloomberg.
After defying all expectations and remaining above $6,000 for the best part of
last week BTC smashed through resistance at $6,400 and surged higher. By Sunday
afternoon BTC had reached a new 2019 and nine month high of $7,500 according to
coinmarketcap.com.

Daily volume surged to record highs of $30 billion which is
double that of the entire crypto market a couple of months ago. BTC market cap
is now at $125 billion which is the highest it has been since early September
2018. Market dominance also hit
a 17 month high of 58%.

So far this year Bitcoin has notched up an impressive 90
percent gain, outperforming pretty much every other traditional asset class. The
move has been extremely bullish as full time crypto trader and self-styled ‘financial
revolution prepper’ ‘Financial Survivalism’ pointed out, this is the second
largest three month candle that Bitcoin has ever had;

A correction has already started late Sunday and has
continued into Monday morning’s Asian trading session. BTC has fallen back 2.3%
on the day and is currently trading at $7,090. Following the 2019 peak it fell
back to $6,830 pretty sharply before slowly recovering to current levels.

Analysts are expecting a larger pullback now and, as reported
by EWN in early April
, one thinks Bitcoin may follow Fibonacci levels all
the way back to $4,300. Primary Fib ratios for key levels of support and
resistance are 23.6%, 38.2% and 61.8%.

Crypto tech analyst ‘CryptoHamster’ predicted the run up to
$7,500 where the 0.618 level is. This is exactly what has just happened but the
next prediction is not so pretty. A correction back to the 0.786 Fib level will
send BTC back to around $4,300. A similar large shakeout happened during the
previous bear market of 2014-15 after a similar surge.

It is clear that aside from this guy, nobody expected Bitcoin to rally up as high as it did yesterday. Most had predicted a bounce off major resistance at $6,400. Either way the news is good for Bitcoin and crypto markets in general. A further move higher will initiate the next big bull run, but a correction lower will provide opportunity for more accumulation during this final shakeout.

Big things are in store for Bitcoin and its brethren in 2019
and they have only just begun.

The post Will Bitcoin Follow Fibonacci And Correct Back to $4,300? appeared first on Ethereum World News.