Bitcoin heavy uptrend continues highing the all-time high today $9950. It is approaching a very important psychological resistance, that is $10,000, but will it actually stop there? Should the correction be expected? How far?
These are the questions most would love to be answered, but there is no clear answer as this is a game of probabilities. The probability of the uptrend continuation remains very high and the very first resistance is actually almost $10k, and to be precise – $10036. This is a 1527.2% Fibonacci level applied the corrective wave after the downtrend channel breakout on the 16th of September.
As per chart 427.2%, 527.2% and 1027.2% retracement levels were respected by the market while acting as support levels. This means that indicator is still valid and could be used to calculate the upside target.
There are 3 important resistance levels to watch.
First a strong psychological resistance at $10036, which corresponds to 1527.2% Fibonacci.
Second, the most important resistance level is at $10455, which corresponds to 1627.2% and 227.2% Fibonacci applied to the corrective wave down through 5-12 November. At the same time, it is inline with the upper trendline of the ascending channel.
Finally, the third target is $10870, which corresponds to 1727.2% Fibonacci.
All in all, the trend remains bullish with the nearest support level being at $9500, where uptrend trendline was rejected. Break below $9500 could result in a corrective wave down to the key support at $7950. But while the price is above this support an uptrend continuation should be expected.
