Were to from here?

BTC futures have been consolidating for the last four trading sessions in the same area it had done so in the beginning of March, right before BTC plummeted $5,000 to the yearly lows only seven days later. The level we had resistance at before this year’s crash is the same level we have resistance currently as well. This price zone is the 50% Fibonacci level of our longer term retracement and it forms a harmonics with our shorter term retracement’s 78% retracement. This makes resistance at this point a lot more likely to be strong, also though it means that BTC will likely shoot up after trading and closing above this price of $9,200.

If there is any indication if Bitcoin futures have what it takes or not to break through this ever important level I would look the slope of its recovery and imagine it looks like it will trade to as high as $10,000 over the next two weeks.

There are two main reasons why our studies indicate this conclusion. The first being the sharp pitch of the upward slope is steeper than it had been at the beginning of the spring 2019 rally to $14,000. I illustrate this by duplicating the trend line that has been acting as support all the way from this year’s lows. What you notice is that BTC is even more parabolic now, and whenever BTC goes parabolic it tends to gain about twice as much as we have so far.

The second  piece of reasoning is in the form of our volume at price function which in our first chart is shown as blue horizontal lines (histogram) and shows that in large people like the price pf $10,000 even more than at its current price. After $10,000 you see the volume at price diminish pretty quick indicating there was never Many buyers at above that price point.