It takes a long time for a trend to reverse. There can be bull traps and fake outs as we witnessed during 2018 when things were on a downward slope. One long term technical indicator has just turned green and the last time it did so, a two year up trend followed.<\/p>\n
Since its surge towards $9,000 yesterday<\/a>, Bitcoin has held onto its gains and traded above $8,700 for the best part of the past 24 hours. An intraday high of $8,890 was hit a few hours back before BTC returned to its new support zone of $8,770. Daily volume is still a high $27 billion and a new consolidation level appears to be forming.<\/p>\n Analysts are generally in agreement that BTC is more likely to move up to $9,600 than suffer a huge correction. Full time trader going by the moniker \u2018CryptHawk\u2019 has looked at the charts and noted the 0.382 Fibonacci level is exactly here;<\/p>\n \u201c$BTC – Hit my first target, not over here, we might go for 0.382, fibs are friends! 9,6k before retrace, if it does not stop we go for 0.5 at $11.6k to trigger the bullish scenario. If we stop on the 0.382, retrace blue box for the big REKT!\u201d<\/p><\/blockquote>\n $BTC<\/a> – Hit my first target, not over here, we might go for 0.382, fibs are friends! 9,6k before retrace, if it does not stop we go for 0.5 at $11.6k to trigger the bullish scenario. If we stop on the 0.382, retrace blue box for the big REKT! #Crypto<\/a> #cryptotrading<\/a> #BTC<\/a> #Bitcoin<\/a> pic.twitter.com\/6dgX3zgbio<\/a><\/p>\n — John | JustGo (@john_justgo) May 28, 2019<\/a><\/p><\/blockquote>\n\n