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Bitcoin Price Development

COINBASE:BTCUSD   Bitcoin / Đô la
Following the previous idea on Bitcoin, it found the support at the projected area, bouncing off the $5873 low. Bitcoin also rejected the uptrend trendline very cleanly in addition with the 76.4% Fibonacci retracement level, and the price went up immediately.

The first psychological, as well as technical resistance at $10k, was successfully broken and now Bitcoin is facing the downtrend trendline as the current potential resistance. There is no confirmation at this point of the rejection of the downtrend trendline and the price is likely to continue moving higher towards 38.2% Fibs resistance at $13k. If it will be rejected, the head and shoulders reversal pattern could be formed, which means the price will correct back to the $10k support. However, break and weekly close above the 13k resistance should result in an immediate uptrend continuation towards either $17k or $20k resistance levels.

On the downside, two key support levels must be watched, first is a $10k, although the support area extends down to $9k. Second, and key resistance is at $6k, where break and close below $5873 should result in further drop towards $4k area, which at this point seem extremely unlikely scenario.
Bình luận: There is still risk bitcoin reaching one of the resistance levels and moving towards 4k
Bình luận: Now bitcoin could be forming the second shoulder
Bình luận: Bitcoin back at the trendline!
It seems to have popped above the channel. Is that significant?
Phản hồi
HiTech Lain33
@Lain33, it is breaking above the trendline as expected
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@HiTech hello! Thank you for the chart!
May I ask you one question:
Does the SPX 500 have positive correlation with BTC?
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HiTech kwarty
@kwarty, at some degree yes, since they are both going heavily up in the long term, but I'd say on a shorter timeframes correlation would be very small
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kwarty HiTech
@HiTech, I should share with you this. You might know about this person and there is more then 20 minutes before the market opening today. The index SPX might drop down these days accoring to fractal analysis
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HiTech kwarty
@kwarty, thank you, but i have no interest in sp500
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kwarty HiTech
@HiTech, OK) Also NASDAQ COMPOSITE showing the bubble structure btw
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@kwarty, Anything not blockchain related trading on the stock market has 0 correlation with BTC whatsoever.
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do you think it will be that easy to break 1/1 ?
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rapidbtc rapidbtc
the downtrend white line you have drawn matches with 1/1 on log scale
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