Bitcoin, the world's most valuable digital currency, hit a new 2018 low of $5 826 on Sunday. The latest price low means Bitcoin is now trading at less than a third of its 2017 peak, which saw the crypto-currency spike close to $20 000 in December. That being said Bitcoin has regained poise over the weekend after a drop last week.
The more significant target is the $7,025 which is the confluence of the Fibonacci 61.8% one-month and the Pivot Point one-week Resistance. On the downside, the Bitcoin has support around $6,545, which is the meeting point of the Fibonacci 161.8% one-day and the Fibonacci 38.2% one-month.
Not only Bitcoin but also Ethereum, Ripple and other altcoins showed a dramatic jump in the past few days. Bitcoin is now trading at $6693, a 10% spike from when it was trading around $5826. A drop to below $5300 and even $5000 was expected by a lot of experts but looks like the buyers have kicked in.
Links: https://www.itweb.co.za/content/KA3Ww7dl3ga7rydZ
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-top-price-prediction-targeting-7-025-after-the-800-bounceback-confluence-detector-201807021513
https://ambcrypto.com/bitcoin-ethereum-ripple-tron-bounce-back-12-jump-in-under-3-hours/