Bitcoin started this week on a major high as the virtual asset breezed past $9ooo, after briefly breaching the mark in the month of May. At pres time, the crypto was consolidating above the $9000 mark, recording its 2019 high.
After breaching the $9000 mark, the virtual asset tested the $9300 resistance twice and recorded a minor pullback after an 8% surge took it from $8600 to around $9315. Despite the pullback dropping the coin’s price to $8865, the virtual asset was priced at $9139.41, at press time.
This price movement caught the attention of the community and analysts in the space started to spot any signs of a major price breach. An important resistance was brought into play for the chart analysis as it was suggested that the Fibonacci resistance levels would come into the picture, before Bitcoin gets past $10000.
Josh Rager, a prominent trader, opined on the situation and stated,
“$BTC Strong Weekly Close Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600 the 0.382 fib [is a typical “take profit” area is at $9532] But last time everyone expected a major pullback in the $6ks it busted right through to $7k+.”
Present trends have appeared enormously bullish for Bitcoin over the past few weeks and the current consolidation above $9000 without major corrections, demonstrates its current market momentum. The aforementioned chart suggested that Bitcoin was well prepared to test the 38.2 percent Fibonacci resistance over the next few days as it remains the next major target to close out, before the market rushes to breach the five-figure mark.
However, all may not be rosy. Bitcoin may take a hit following Binance’s announcement that US customers were going to be blocked on the exchange. Further, other notable analysts have suggested in the past that Bitcoin will endure a major price correction which would pull the valuation down to $6000, before it escalates to record another bull run in the market.
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