I think the longer the US trade war goes on with China, the more we'll see Bitcoin rise.
The BIG drop/correction won't happen until a deal is reached.
But now could be a good time to sell, take some profits and set your stop-limit orders to buy back in if the price crosses 9750'ish.
Major resistance at 9600 and I would expect at least a small pull back to 88/8700.
However, closing a candle above 96/9700 suggest a run to 11,500 is in the cards.
Could also bounce from the 86/8800 zone to make a run at 10k and beyond.
The BIG drop/correction won't happen until a deal is reached.
But now could be a good time to sell, take some profits and set your stop-limit orders to buy back in if the price crosses 9750'ish.
Major resistance at 9600 and I would expect at least a small pull back to 88/8700.
However, closing a candle above 96/9700 suggest a run to 11,500 is in the cards.
Could also bounce from the 86/8800 zone to make a run at 10k and beyond.
I adjusted the fib lines to begin at the absolute bottom this cycle to the tippy top of that mega $100 million dollar pump on April 1.
Looks like the price is heading to $10,35x (the 3.618) where I would expect to see a pull back to the next fib down, previously 2.618.
From there, it really depends but eventually we'll see the 5.618 and 8.618 prices achieved in Bitcoin. It's only a question if it happens in one straight shot, or if this has all been a "bull market mirage" or something and Bitcoin makes another line for $3K or lower, as some people are calling for.
Kind of makes sense. China has tons of capital controls and their economy has been slowing/weakening. Bitcoin is a nice way to get money out of the system over there, especially in these uncertain times.
Bitcoin's surge is currently (seemingly anyways) correlated with the US/China trade war. Trump will have to reach a favorable deal soon or he risks a serious correction in the markets.
Any successful trade deal announcement, I think may send Bitcoin's price into retrace mode.
Meeting on Tuesday apparently.