Hello, Traders!
BTC has had a great week, with BTC gaining $1000USD in 24hrs! Since the bullish breakout of the symmetrical triangle occurred, BTC has increased over 14% in value.
BTC saw sideways trading within the $11200 USD – $11550 USD region. Once the $11550 USD level was broken BTC saw substantial gains, with a trend line angle at 70 degrees, the increase in price was dramatic.
The price action of this week may be a historic moment for BTC. BTC has had a level which it has been unable to conquer since 2018. For BTC this level is $12000 USD. On the chart below this is the 0.382 Fibonacci retracement level. Ever since 2018 BTC has been unable to break above this level. BTC tried in March 2018, July/August 2019 and then August 2020. Each time BTC failed. However if BTC can remain above $12000USD this time and switch it into support, then we may well never see BTC fall below $10000 USD again.
BTC made its clear corrective wave during September which then went into a triangle. This consisted of an ABCDE move. BTC had underlying support which was stronger at the bottom than the top of the symmetrical triangle, forcing BTC to break above the downwards resistance of the symmetrical triangle. The move which we are currently within is impulsive. However the likelihood of BTC pushing above $13000 USD and remaining there seems slim. The likely move according to the EWs would see BTC retrace back towards $12300 USD before a push towards $13500 USD, with BTC closing above $13000 USD by the end of November.
In conclusion, BTC is currently bullish, with the likelihood of a small retracement down towards $12400 / $12350 USD. The cryptocurrency market has become very much exciting again, further gains appear on the horizon!
Watch out for the market and leave your comments on the setup below
BTC has had a great week, with BTC gaining $1000USD in 24hrs! Since the bullish breakout of the symmetrical triangle occurred, BTC has increased over 14% in value.
BTC saw sideways trading within the $11200 USD – $11550 USD region. Once the $11550 USD level was broken BTC saw substantial gains, with a trend line angle at 70 degrees, the increase in price was dramatic.
The price action of this week may be a historic moment for BTC. BTC has had a level which it has been unable to conquer since 2018. For BTC this level is $12000 USD. On the chart below this is the 0.382 Fibonacci retracement level. Ever since 2018 BTC has been unable to break above this level. BTC tried in March 2018, July/August 2019 and then August 2020. Each time BTC failed. However if BTC can remain above $12000USD this time and switch it into support, then we may well never see BTC fall below $10000 USD again.
BTC made its clear corrective wave during September which then went into a triangle. This consisted of an ABCDE move. BTC had underlying support which was stronger at the bottom than the top of the symmetrical triangle, forcing BTC to break above the downwards resistance of the symmetrical triangle. The move which we are currently within is impulsive. However the likelihood of BTC pushing above $13000 USD and remaining there seems slim. The likely move according to the EWs would see BTC retrace back towards $12300 USD before a push towards $13500 USD, with BTC closing above $13000 USD by the end of November.
In conclusion, BTC is currently bullish, with the likelihood of a small retracement down towards $12400 / $12350 USD. The cryptocurrency market has become very much exciting again, further gains appear on the horizon!
Watch out for the market and leave your comments on the setup below
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.