Bitcoin Price — What’s next?

Bitcoin has been on a literal ‘tear’ as it has moved from $1,800 on a pullback to over $4,000 per Bitcoin, just astonishing! What’s next for BTC? Lets’ take a look at some technical possibilities concerning a pullback and the making of higher highs for the pair

Let’s first take a look at a chart showing the moves from the $1,791.58 level to the current day prices which have reached a high of $4,499.89

As we can see, the Fibonacci study from the recent lows to high show a near 38.2% pullback on August 22nd and immediately tried to make higher highs. Now we are in a consolidation phase where soon BTC will decide to head back to another fib pullback and long entry opportunity, or make higher highs effectively looking to take out the $5,000 a BTC level.

Optimally now watch the Fibonacci pullback levels, for the 38.2% the level is $3,465 — however the previous long made on the first pullback was at the $3,530 so that could turn into consolidation level support.

The 50% Fibonacci pullback is at $3,145 per BTC, However, if BTC continues a pullback, optimally the 61.8% pullback around $2,826 is an excellent place to begin looking for long entries. Don’t forget the psychological number factor and consider $3,000 support.

Finally, here is a Youtube video explaining the entire BTCUSD trade we have discussed above.

Look for more updates from Cryptonetix on hot crypto pairs for trading and be sure to sign up for our newsletter on the Cryptonetix website (www.cryptonetix.com) to keep up-to-date about our upcoming ICO for the premier blockchain asset management platform.