"Key Support and Resistance Levels Now Bulls managed to test initial resistance last week at $91,400, but sold off heavily after hitting $93,000, short of the next resistance at $94,000. Above here, we should see strong resistance at $98,000 all the way up to $103,000. Higher resistance levels were covered in last week's analysis, so we'll reopen that topic if bulls can manage to get close to $100,000 after the end of this week."
"This support level will be under pressure heading into this week. Initially, bulls will look to hold the 0.146 Fibonacci retracement at $87,000, however. Below $84,000, bulls may look to defend $75,000. Below here, the $72,000 to $69,000 area should provide strong support and at least a bounce or two from this zone. If this area sees heavy selling pressure, though, it may eventually crack"
Bitcoin closed the week and month at $90,385 after a green weekly candle but plunged sharply after the weekly/monthly close. Bulls tested initial resistance at $91,400 and reached $93,000 before heavy selling pushed price down toward $87,000. Immediate resistance sits at $91,400 and $94,000, with stronger resistance from $98,000 to $103,000. Key support levels include $87,000 (0.146 Fibonacci), $84,000, $75,000, and the $72,000–$69,000 zone. A breach and heavy selling could lead to a test of the 0.618 Fibonacci retracement at $57,700. Short-term action may be range-bound as bears probe support.
Read at Bitcoin Magazine
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