Over the past weekend Bitcoin had gained nice and steady rise, breaking up the upper trend line (the upper “tunnel”) at $10,500 level. Reaching up to a peak level of $11,250 on BitFinex, from there we’ve seen a sharp correction back down to our “tunnel” boundaries. Trend is up as long as we are inside tunnel’s boundaries. Support level lies at $10,000-10,200 (Fibonacci retracement level 38.2%) , then at $9,400 (61.8% Fibonacci, resistance turned support, and where trend line is), and further down at $9,000.
For the bigger picture, refer to our recent overview.
