This is the question around $13300. This is a major level to watch: it is the Fib level, intersection of an uptrend line with a downtrend line and it was tested before a few times. Whatever will happen here, will give a good idea about the following days. It can either continue down to the next Fib level around $11k or go up to the $15k one. Let`s see
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If we look at the 4h chart, the upside seems to be the way ... we have an inverted head an shoulders in the oversold area, with the MACD crossing up from negative towards positiv. Will see what the market has to say about this:
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Looking into the details with the multitude of double bottoms and H&S combined with the 4h chart, this is what I expect for the following hours / couple of days:
- an upward movement to test again the neckline at $14.500 of the right formation
- a break of the neckline with a test of the 15k Fib. level
- a retracement to the next intersection point of the secondary downtrend line with the uptrend.
Overall, since the price will always take the path of the least resistance, I think we are looking at a sideways movement at least until mid January.
- an upward movement to test again the neckline at $14.500 of the right formation
- a break of the neckline with a test of the 15k Fib. level
- a retracement to the next intersection point of the secondary downtrend line with the uptrend.
Overall, since the price will always take the path of the least resistance, I think we are looking at a sideways movement at least until mid January.
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Few hours later, it seems the sideways movement is the winner one; will watch the next intersection, even though is a little "weaker" since we are above the 13k Fib level. This should favor the upside though, as suggested by the 4h chart.
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After a little delay, BTC finally decided to test the 15k Fib level as expected initially. Now let`s see about the major intersection just bellow $14k