Since dropping to $6,000, Bitcoin has now recovered and breached 3 resistance levels as represented by the 3 blue lines below. The most recent resistance was at $11,000 which was breached last night. This is significant since this is another strong confirmation of the bull run.
source: poloniex
Two more resistance points await the bitcoin bull to solidify its march and to finally test the biggest and dreaded psychological barrier - $20,000. I would say that the short sellers and bitcoin naysayers are gathering funds to take advantage of this level and shoot bitcoin so be very cautious.
But once this barrier is breached, a new era for bitcoin will begin - 6-DIGIT PRICE!? - before dropping again for another major correction.
Another critical milestone for the bitcoin bull is to enter the next fractal (green box and not the red!!!) where it can accumulate enough ammunition to gun for the next ATH.
Bitcoin's bust-and-boom cycle follows the V-shaped pattern. This current correction is no different except that its the biggest by far. By mid-April, we could see bitcoin retesting the $20,000 psychological barrier - a very exciting time!
Disclosure: This post does not intend to provide investment advice nor does it represents that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.
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