The next major resistance levels for Bitcoin; Could $11,400 mark a top?

17 Jun, 2019
by Will Heasman
Bitcoin
The next major resistance levels for Bitcoin; Could $11,400 mark a top?

Bitcoin’s triumphant return to form has seen it climb above all previous resistance around $8k and settle nicely around $9,000, marking a new 2019 high yesterday. So what’s next in store for the #1? What are Bitcoins next levels of resistance?

Right now BTC is trading a fair bit higher than 9k around $9202:

BTC/USD Chart provided by Tradingview

Many analysts are already gearing up for $10k and beyond, and one analyst, known as Alex Kruger, has even laid out BTC’s next levels of major resistance. Handy.

The analyst suggests that $9.6k is next on the agenda, following swiftly by the psychological level of $10k and thereafter by $11.5, $13k, $15k, $17.4k, $20k (and of course the moon).

looking at any potential downside, Kruger also noted the possible major support levels for BTC.

However, this was challenged by Fundstrat analyst, Tom Lee, who simply noted that FOMO would kick in at around 10k, therefore negating most other levels of resistance thereafter.

However, one analyst clearly not seeing the hype of any looming FOMO train, cites 11.4k as a possible top based on a pitchfork channel which depicts the aforementioned level as higher resistance within uptrend channel.

Taking a more macro view, (and using an even more macro pitchfork) Castillo Trading suggested that this patterned would have to retest it’s median, which is indicated around $20k:

Refraining from a major hit of hopium, Joss Rager takes a more calculated look at the next levels of resistance, suggesting that $9.6k could provide a barrier for further gains as the Fibonacci level of 0.382 - which indicates the aforementioned resistance - is a “take profit” area.

However, the analyst also notes that last time a major pullback was expected down near $6k BTC smashed through to $7k:

What do you think is next for Bitcoin? Will we break 10k this week? Let us know your thoughts in the comments below!

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Read more about: Bitcoin (BTC)

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