Bitcoin is on the move again!
Most people may not realize it, but within the price movements of Bitcoin there exist several safe zones which if carefully entered may be of the greatest advantages for anyone who can navigate them well enough.
First though, taking a look at previous price moves will allow us to be able to predict future price actions as regards Bitcoin’s prices.
Let us take a look at the day that Bitcoin hit its highest trading price ever: 17th December 2017.
Bitcoin’s all-time high of $19,974 was one of the few moments that everyone thought that the cryptocurrency will finally rule the World.
You can see that the highest point was even a resistance level for the cryptocurrency.
And if you check the price patterns at the time, you’d have seen that it was looking for exactly where to land so that it will have a support level.
Now, most traders had already known that these price movements gave hint that Bitcoin itself was moving too fast and it was way too hot.
This was due to a lack of solid fundamental interest in the Cryptocurrency. Then we can now check Bitcoin’s lowest point after it went to an all-time high. This will serve as the base support before we can make the deduction of where Bitcoin will go.
This happened on December 15th, 2018 at $3,219.62
From that date, if we follow the Fibonacci’s retracement value of 38.2% of this price, we can see that Bitcoin then hit its first support level price of $4,446.75.
This happened on 2nd April 2019 and since then the Cryptocurrency has been taking off yet again. The second Fibonacci’s support level was 50% of the base price of $4,826.43.
From the 61.8% value of $5,206.10, things took off again to cross the recent $10,000 price mark.
This is because this 61.8% value became the new support level for the cryptocurrency
A retracement from its current post $10,000 to $8,423.47 is possible given the fact that Bitcoin itself is overheating.
However, for now, though a resistance of $11,641.24 is to be expected, If bitcoin breaks this, We may see it go back to the former resistance and try to break it this time due to the fact that it is backed by SOLID fundamentals.
So, there you have it!
Do you think that Bitcoin has any hidden moves?
Please let us know in the comments below!