The price of the most valuable and undestroyable cryptocurrency has just entered into another booming phase in anticipation of the halving event supported by continuing Chinese yuan devaluation.
Let’s have a look at the big picture and mark out a few important price levels.
Firstly and mainly, there’s been the major resistance level of $500 broken and now there is practically no obstacle for price to
shoot up to $650-700 zone. This assumption is in line with other supporting technical levels.
You can easily spot the spikes on both lower and upper side delineating the rising trend channel. The price has just bounced of its support line and is heading toward upper line that now stays about $700.
If you look at the chart through the fibonacci lenses, last week closing above 0.382 gives good chances of reaching at least 0.5 (that is $635). The last retreat for bears stands at 0.618 ($762). Anyway, expect strong downward pressure between these last two fibo levels.
And finally, there was a nice rising wedge formed during the end of last year up to this May with the height of $200 (price difference). After the break of previous swing high there are high odds the price is going to rise for another $200 leg, that means $700.