Bitcoin Price outlook: will reach 9400$ Before a 40% retracement
Bitcoin is unstoppable since last few weeks. BAKKT Recent announcement about Bitcoin Futures trading launch in coming months has spiced up the rally. The current rally is slowly turning into a parabolic move. We have successfully predicted the last bitcoin move from 5000$ to 8000$. Let’s explore what is coming next?
Lets Go Back to 2015
Bitcoin came out from Bear Market in August-Nov when Price jumped from 200$ to 500$. It was the first time, Bitcoin broke above 55,100 weekly MA and 21 Monthly Moving average – Three major bullish indicators.
It’s clearly visible on the chart that Bitcoin Price got rejected at 0.618 FIB Level while breaking out. The rejection was followed up by sell-off and price corrected back to 300$ next week.
As it’s clearly visible on the chart, Price retraced back to 0.382 FIB Level from TOP to the previous Bottom. That was around 40% retracement.
Bitcoin found support above 21 Monthly Moving average, and stayed above this during the whole bull run in 2016-17
Let’s get back to reality
Bitcoin is trading above 55,100 weekly MA and 21 Monthly MA. Bitcoin is now trading above the 0.786 FIB LEVEL, Price will face Next major resistance at 0.618 FIB LEVEL (Around 9434$). If The price action follows the Similar move of 2015, Then price should ideally get rejected at 9400$. If it doesn’t get rejected at 9400$ and goes into parabola mode – the next stop to watch is at around 11380$. Huge rejection from any of these FIB levels will be a confirmation for a possible retracement.
Either Bitcoin price will get a huge rejection at 9400$ or 11380$. In Both cases, Price will most likely to retrace back around 40% and finds monthly support above 21 Monthly Moving average(6800$).
Don’t forget to join our discord community for Daily market updates, technical insights, trade recommendation and many more.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.