BTC Halving Trade Idea, To test 20k?
1) BTC/USD made a breakout on 27 April 2020 after forming a rising wedge pattern.
2) BTC/USD will test two key levels before confirmation of uptrend.
3) The first key level of resistance is at the 0.786 Fibonacci extension, converging with the upper trendline of the downward channel.
We wait for a weekly close above this level for first confirmation.
5) Second key level of resistance is a downward trendline extending from the peak of Dec 2017 and Jun 2019 coinciding with 1 Fibonacci extension.
We wait for BTC to breakthrough this resistance for second confirmation.
6a) A rejection at these levels would likely see us test the previous lows of Marc 2020.
6b) A close above 10500 USD will set us to test the highs of Dec 2017.
6c) A break above the Dec 2017 high would set a target of 24 000.
We will see how this goes.
2) BTC/USD will test two key levels before confirmation of uptrend.
3) The first key level of resistance is at the 0.786 Fibonacci extension, converging with the upper trendline of the downward channel.
We wait for a weekly close above this level for first confirmation.
5) Second key level of resistance is a downward trendline extending from the peak of Dec 2017 and Jun 2019 coinciding with 1 Fibonacci extension.
We wait for BTC to breakthrough this resistance for second confirmation.
6a) A rejection at these levels would likely see us test the previous lows of Marc 2020.
6b) A close above 10500 USD will set us to test the highs of Dec 2017.
6c) A break above the Dec 2017 high would set a target of 24 000.
We will see how this goes.
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