Can Bitcoin push above this solid resistance area to kick start the bull run!
The next few days are critical as the upcoming area has a confluence of the below three levels of resistance:
1) 200 day moving average line.
2) Fib level of 0.382, if you take the move down from (approx $14K) top in 2019 and the recent $6.5K bottom.
3) The multi month support level just over $9K which acted as strong support during the summer of 2019, until finally breaking down with an epic downward action - this would now qualify as strong resistance as per technical analysis theory.
The current positive signs for the bulls are that it has tested this area many times over the past week and is showing some healthy consolidation near it, rather than just bouncing down. Lets not forget about the upcoming halving event in May 2020, as per previous halving events, the market does tend to boom.
The next few days are critical as the upcoming area has a confluence of the below three levels of resistance:
1) 200 day moving average line.
2) Fib level of 0.382, if you take the move down from (approx $14K) top in 2019 and the recent $6.5K bottom.
3) The multi month support level just over $9K which acted as strong support during the summer of 2019, until finally breaking down with an epic downward action - this would now qualify as strong resistance as per technical analysis theory.
The current positive signs for the bulls are that it has tested this area many times over the past week and is showing some healthy consolidation near it, rather than just bouncing down. Lets not forget about the upcoming halving event in May 2020, as per previous halving events, the market does tend to boom.