BTC Found strong support at 6048$ level. This is 0.618 point of FIB measure from 1800$ to 19882$.
To get a ticket to the moon BTC need to make 3 strikes: CSRs A, B, C.
Let's look at them a closely:
CSR A - main support line in Bearish Channel
CSR B - Support line of Uptrend that begin at 13.09.2017
CSR C - Resistance line of Uptrend that begin at 13.09.2017
BTC Got the strong bullish power from 6048$ point at now go to high.
CSR A,B are looking weak and price formed small falling wedge, so it's time to break out.
CSR B is also breakout line for bigger Falling Wedge that was formed in Bearish Channell
So the bull position looks good.
At other side, don't forget that bitcoin is bubble, not for 100% sure, but some hype part is present. Untill goverment will provide regulation rules and make this market 100% legal.
If you look at Bubble Chart Pattern, you will see a "bull trap" and "return to normal" phases.
Last point 6048$ look's like beginning of bull trap, this is 0.618 point, that in bullish market, lead higher to 1.618 FIB level. But next phase called "return to normal", exactly in gaps, because we are still in bearish market, so our resistance zone will be near 13200$
Green Lines - support Lines
Red Lines - resistance lines
Blue arrows - less like way for BTC
Red Arrows - more like way for BTC
To get a ticket to the moon BTC need to make 3 strikes: CSRs A, B, C.
Let's look at them a closely:
CSR A - main support line in Bearish Channel
CSR B - Support line of Uptrend that begin at 13.09.2017
CSR C - Resistance line of Uptrend that begin at 13.09.2017
BTC Got the strong bullish power from 6048$ point at now go to high.
CSR A,B are looking weak and price formed small falling wedge, so it's time to break out.
CSR B is also breakout line for bigger Falling Wedge that was formed in Bearish Channell
So the bull position looks good.
At other side, don't forget that bitcoin is bubble, not for 100% sure, but some hype part is present. Untill goverment will provide regulation rules and make this market 100% legal.
If you look at Bubble Chart Pattern, you will see a "bull trap" and "return to normal" phases.
Last point 6048$ look's like beginning of bull trap, this is 0.618 point, that in bullish market, lead higher to 1.618 FIB level. But next phase called "return to normal", exactly in gaps, because we are still in bearish market, so our resistance zone will be near 13200$
Green Lines - support Lines
Red Lines - resistance lines
Blue arrows - less like way for BTC
Red Arrows - more like way for BTC
