Bitcoin's repeating pattern: Breaking $9k may lead to $18.7k, says analyst

02 Jun, 2019
by Will Heasman
Price Analysis
Bitcoin's repeating pattern: Breaking $9k may lead to $18.7k, says analyst

Bitcoin has experienced yet another rejection at resistance around $8800 - $9000, and while $200 may have been a nasty pullback for some, other simply think bitcoin is going through the necessary motions to reach $9k. Here’s are what the analysts of crypto twitter have to say …

Right now Bitcoin is trading at around 8700, after a slight pullback to $8600 and a hike to current levels: 

 BTC/USD Chart provided by Tradingview 

Earlier today Bitcoin once again tried to breach $9k; as many suggested there was a bull pennant which formed proving such an attempt likely.

However, this proved slightly too much for BTC which incurred a fairly hard rejection off of the retest.

One user noted that this latest move was playing out exactly as it should, with the #1 finding support within the lower trendline of the aforementioned bull pennant.

One crypto analyst known as Crypto Michael suggested that following this dip, new lows were to be expected, but that the macro view hadn’t really changed; alluding to the fact that Bitcoin is still following a larger trendline

Another crypto analyst known as Tulips de’ Medici suggested that $9k will prove to be strong resistance, adding that a break through this level will likely lea us straight to $10.5k thanks to FOMO.

speaking of macro views, one analyst called filbfilb noted that 9k resistance was proving as stubborn as previous god-like levels around 6k, suggesting that the current price action is a “carbon copy” of the action we saw while BTC was attempting to break $6k.

“There was bouncing between the 61.8% and 87.6%, before eventually breaking through and then extending out towards fib level 4.272 at $8.5k,” relays the analysis

Furthermore, the analyst forecasts a move to $18.7k based on the previous price action beyond $6k.

Where do you think Bitcoin is going? Let us know in the comments!

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Read more about: Bitcoin (BTC)

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