BTCUSD → The second wave of correction. Target - 0.5 Fibo
Updated
Bitcoin is forming a "Head & Shoulders" pattern at resistance 28470 and on the border of the ascending price channel. What to expect from the price?
At the moment, the movement is corrective and the second ABC correction wave is forming, which, theoretically, can lead the price to the level of 25400 for the expected retest of support.
The global trend at the moment is bullish, hence even small support levels play an important role.
The levels that will increase panic in the market are 27200, 26600, 25400. When these zones are broken, we should expect an increase in volatility and volume.
Since the price cannot only rise or fall all the time, it makes technical pullbacks and at the moment this movement is considered normal
The Fibo level 0.5 at 25302 may be the target for reversal. A pullback is possible from this level and prices may continue growing to the upper limit of the channel.
50SMA - as resistance
200SMA - support.
Strong resistance: level 27200, ascending line (dotted line), level 28329.
Strong support: 26655, 26600, 25400.
I expect a continuation of the pullback towards 25400. I think the bulls have a chance to hold the 25400 area before further growth.
Regards R. Linda!
At the moment, the movement is corrective and the second ABC correction wave is forming, which, theoretically, can lead the price to the level of 25400 for the expected retest of support.
The global trend at the moment is bullish, hence even small support levels play an important role.
The levels that will increase panic in the market are 27200, 26600, 25400. When these zones are broken, we should expect an increase in volatility and volume.
Since the price cannot only rise or fall all the time, it makes technical pullbacks and at the moment this movement is considered normal
The Fibo level 0.5 at 25302 may be the target for reversal. A pullback is possible from this level and prices may continue growing to the upper limit of the channel.
50SMA - as resistance
200SMA - support.
Strong resistance: level 27200, ascending line (dotted line), level 28329.
Strong support: 26655, 26600, 25400.
I expect a continuation of the pullback towards 25400. I think the bulls have a chance to hold the 25400 area before further growth.
Regards R. Linda!
Note
Price forms a rebound from the support area near 0.5 Fibo. The price returns to the green zone relative to 0.382 Fibo.
If bitcoin consolidates above 26655, the price could strengthen to 28329
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