BTCUSD - Going to 6000 ?!
Updated
Updating my prior analysis, where we did hit our downside target, and now moving to the upside, on daily time frame we can see that the price is currently retesting a very important key level, $5312 region ( marked with blue line ), which as you can see its holding very well, from where we did pullback a few days ago.
Being on this region, although it looks really bullish, i still do think we can have a short time spike to the support area highlighted with blue ( Blue Box ), and then claim higher, but that needs to be confirmed first, because as you can see on the 4H chart, price is moving sideways in a box.
Once the box is broken we can confirm the side of the trend, as both upside and downside targets remain the same.
On the Upside, i believe we can retest the $5500 region, maybe a little pullback could occur from there, but overall I'm still bullish until we retest the $6000 area from which did break months ago, and we never really retested it.
However, If we experience a short term pullback from here, the first target would be the blue rectangle located at around $5100
Being on this region, although it looks really bullish, i still do think we can have a short time spike to the support area highlighted with blue ( Blue Box ), and then claim higher, but that needs to be confirmed first, because as you can see on the 4H chart, price is moving sideways in a box.
Once the box is broken we can confirm the side of the trend, as both upside and downside targets remain the same.
On the Upside, i believe we can retest the $5500 region, maybe a little pullback could occur from there, but overall I'm still bullish until we retest the $6000 area from which did break months ago, and we never really retested it.
However, If we experience a short term pullback from here, the first target would be the blue rectangle located at around $5100
Trade active
Target 1 hit and revered back to the box,Trade active
Broke through the first target - 5500 again, a probably going to retest and then heading to 6000Trade closed: target reached
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