Bitcoin Analysis [UPDATE 25-04-2018]
Updated
Further to the last update, price has broken out and smashed through the projected target at $9,350 reaching a high of $9,772.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
Broken through 9k. Next area for support between 8k and 8.2k
Related publications
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.