Upper Trend Line Target = 90K per Bitcoin
Bitcoin (BTC) has recently broken its all-time high (ATH) of $64,800, reaching a new high of $68,789. This has led many to believe that there is no more resistance ahead and that the price will continue to rise indefinitely. However, a closer look at the chart reveals that there is a significant resistance level at $90,000.
Using upper resistance trend lines:
Drawing an upper resistance trend line from the previous ATHs of $20,000 and $40,000 intersects with the recent ATH at $68,789. This confluence of trend lines suggests that this level is a strong resistance area.
Fibonacci retracement:
Applying Fibonacci retracement to the current bull run shows that the 61.8% retracement level is at $90,000. This level is often a significant area of resistance, as it represents a pullback from the previous impulse wave.
Psychological resistance:
The $90,000 level also coincides with a significant psychological resistance level. Round numbers often act as psychological barriers, as traders may be reluctant to buy or sell above or below these levels.
Using upper resistance trend lines:
Drawing an upper resistance trend line from the previous ATHs of $20,000 and $40,000 intersects with the recent ATH at $68,789. This confluence of trend lines suggests that this level is a strong resistance area.
Fibonacci retracement:
Applying Fibonacci retracement to the current bull run shows that the 61.8% retracement level is at $90,000. This level is often a significant area of resistance, as it represents a pullback from the previous impulse wave.
Psychological resistance:
The $90,000 level also coincides with a significant psychological resistance level. Round numbers often act as psychological barriers, as traders may be reluctant to buy or sell above or below these levels.
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