First, we will have a look at the calculated target of the major downtrend, which started on December 17, 2017. For this reason, we will look back to my idea from February 5.
There, I calculated the target 2304 for the current major downtrend. This target will be reached in three steps with intermediate targets at 5511 and 3230. We should keep this in mind while reading the rest of today’s idea.
Bitcoin hit the USD 9000 target! For the first time since December 17, 2017, an upmove reached its target. There is obviously a lot of power in this still ongoing upward movement. Will BTCUSD be able to break the brown dashed and end the major downtrend? In the comment below, we will have a closer look to this crucial area inside the blue circle.
Just a little bit above the blue target line, there is resistance R1 at USD 9044.
Both lines are crossed by the descending brown, dashed trendline. The major downtrend remains effective, if the price of Bitcoin stays below this brown, dashed trendline. A break of this brown, dashed trendline would end the major downtrend and establish either a new uptrend or a sideways movement.
This strong triple resistance will not be easy to break. I expect a heavy battle Bulls against Bears at this level. The outcome is open, even if I think that the Bears will win at the end and Bitcoin’s price will head South for reaching the three targets.
Another test of the brown dashed trendline is possible.