Hello All. Here is a quick update on BItcoin.
Looking at BTCUSD on the daily timeframe we see that bitcoin broke bullish out of the symmetrical triangle and has a measured price target sitting at around $24,750.
On the weekly timeframe the Bitcoin sits right below the 200 week EMA which plays as a resistance and sits at $22,650.
If the price of BTC break above this mark I expect a 16% move up for bitcoin. This will put bitcoin right below the resistance line of the falling wedge pattern and right at the 161% Fibonacci retracement. The falling wedge has a long descending line of resistance at $25,500.
If this is a fake-out and the price falls back inside the symmetrical triangle, then the price of bitcoin can go towards the support of the triangle at $19,500. If this scenario plays out then it is also important to note that the next resistance for bitcoin will be the $17,000 price mark which is the support of the falling wedge pattern.
Important to note: The price of BTC sits below the 200 Week EMA , and the daily stochastic RSI is currently in the overbought territory.
Thanks for reading, and stay tuned. Enjoy.
Looking at BTCUSD on the daily timeframe we see that bitcoin broke bullish out of the symmetrical triangle and has a measured price target sitting at around $24,750.
On the weekly timeframe the Bitcoin sits right below the 200 week EMA which plays as a resistance and sits at $22,650.
If the price of BTC break above this mark I expect a 16% move up for bitcoin. This will put bitcoin right below the resistance line of the falling wedge pattern and right at the 161% Fibonacci retracement. The falling wedge has a long descending line of resistance at $25,500.
If this is a fake-out and the price falls back inside the symmetrical triangle, then the price of bitcoin can go towards the support of the triangle at $19,500. If this scenario plays out then it is also important to note that the next resistance for bitcoin will be the $17,000 price mark which is the support of the falling wedge pattern.
Important to note: The price of BTC sits below the 200 Week EMA , and the daily stochastic RSI is currently in the overbought territory.
Thanks for reading, and stay tuned. Enjoy.