Bitcoin Price Development

Following the previous idea on Bitcoin, it found the support at the projected area, bouncing off the $5873 low. Bitcoin 2.33% also rejected the uptrend trendline very cleanly in addition with the 76.4% Fibonacci retracement level, and the price went up immediately.

The first psychological, as well as technical resistance at $10k, was successfully broken and now Bitcoin 2.33$13k. If it will be rejected, the head and shoulders reversal pattern could be formed, which means the price will correct back to the $10k support. However, break and weekly close above the 13k -0.98$17k or $20k resistance levels.

On the downside, two key support levels must be watched, first is a $10k, although the support area extends down to$9k. Second, and key resistance is at $6k, where break and close below$5873 should result in further drop towards $4k area, which at this point seem extremely unlikely scenario.