Bitcoin is now attempting to break the 38.2% Fibonacci resistance as shown in the graph (~9420 USD). This Fibonacci level has historically been an important resistance/support for bitcoin in both up and downtrend (the other one being the 61.8% level).
Another key level for bitcoin is around 9950 USD (or 10,000 USD) which is the final downtrend-trendline on the linear scale. Breaking above this would be another good sign for the price.
However, to really confirm that the price can continue toward the previous high at 20k USD we need it to break above the downtrend-trendline on the log scale which is around 11k USD (not shown).
As we all know with what is going on around the world, central banks around the world have been printing money at the rate we have never seen before making bitcoin's fundamentals stronger than ever. This has already been seen in the gold price which at the time of writing hovering around 1800 USD.
For me bitcoin and gold should appreciate with similar fundamental - that's it, as a hedge against inflation.
For these reasons, I'm on the long side for bitcoin.
Another key level for bitcoin is around 9950 USD (or 10,000 USD) which is the final downtrend-trendline on the linear scale. Breaking above this would be another good sign for the price.
However, to really confirm that the price can continue toward the previous high at 20k USD we need it to break above the downtrend-trendline on the log scale which is around 11k USD (not shown).
As we all know with what is going on around the world, central banks around the world have been printing money at the rate we have never seen before making bitcoin's fundamentals stronger than ever. This has already been seen in the gold price which at the time of writing hovering around 1800 USD.
For me bitcoin and gold should appreciate with similar fundamental - that's it, as a hedge against inflation.
For these reasons, I'm on the long side for bitcoin.