Bitcoin uptrend price forecast 11700 SELL and rebuy on RETRACT
When talking about Bitcoin movement, its very important to state that we needed to determinate in which direction market is moving in order to make decision of potential investing or rebuying at the dips.
Breaching 9,9 level was considered breaking of an upper trendline.
When talking about retracement, if Bitcoin breached
8400-8800 level with tendency toward 7850 it would be considered as downtrend state.
Now, Bitcoin looks pretty solid.
BTC started bull run from 8800 ending up at 11.700 in first cycle, but price dragged to 11,700, without healthy consolidation, therefore we needed to thread it carefull, beucase of sudden dips which occured two times before 11.700.
After consolidation, healthy fractal retracment, Bitcoin while retracing made tripple bottom (bullish sign) and we had technical rebounce from 9.400 value toward 11.7.
During that sharp uptrend, Btc pierced easily 10.1 resistance and continued with healthy price consolidations.
After consolidation, Bitcoin breached 10,5 level and started rebouncing between 10.500 and 10800 levels.
Then, tried to breach 10800 level, reached price 10850 (false positive brakeout) and returned to channel (10.500-10800).
In second attempt, it breached 11,1 and instantly retraced to 10.500-10800 level.
Bitcoin has strenght for further upward moment, as trying to breach 11,1 and stay above 11.000 level which will enable further uptrend to 11,500-11.700 level. (maybe even 12).
When talking about support levels and smart money, 10500 level was opressed heavily few times in a row and so far handled very good with a pressure successfuly regaining value even compensating last dip which pierced 10500 level, ending at 10350, but price was instantly recovered and Bitcoin movement is still above 10500 level, which is certanly one more sign of healthy support on 10,500, beucase by scenario, we should have strong rebounce from 10500 in order to pierce 11.000 level and possibly stay they preparing for next uptrend heading toward 11.700.
One more thing.
I'm not absolutely either bearish or bullish.
We needed clear confirmation in this very unclear enviroment in order to make decision.
That's why we joined after apparent technical rebounce.
We are trying to adapt on market, using stop/loss as a precaution.
This is not financial advice, therefore it can not be used like that.
In order to support further analysis and of course If you find this information useful, or any other analysis before, please consider sending up donation :
BTC address 1EeTCYPx7SG42jjttTgV7MESvHZPoqixz9
ETH address 0x746d3cdb0b30c0d78b26ddc7d9b7d6581be7d5de
LTC adress LMCUJxZhPCKwyCEN65ugfAsqonXFgKrXSF
Thank you in advance
Good luck
Breaching 9,9 level was considered breaking of an upper trendline.
When talking about retracement, if Bitcoin breached
8400-8800 level with tendency toward 7850 it would be considered as downtrend state.
Now, Bitcoin looks pretty solid.
BTC started bull run from 8800 ending up at 11.700 in first cycle, but price dragged to 11,700, without healthy consolidation, therefore we needed to thread it carefull, beucase of sudden dips which occured two times before 11.700.
After consolidation, healthy fractal retracment, Bitcoin while retracing made tripple bottom (bullish sign) and we had technical rebounce from 9.400 value toward 11.7.
During that sharp uptrend, Btc pierced easily 10.1 resistance and continued with healthy price consolidations.
After consolidation, Bitcoin breached 10,5 level and started rebouncing between 10.500 and 10800 levels.
Then, tried to breach 10800 level, reached price 10850 (false positive brakeout) and returned to channel (10.500-10800).
In second attempt, it breached 11,1 and instantly retraced to 10.500-10800 level.
Bitcoin has strenght for further upward moment, as trying to breach 11,1 and stay above 11.000 level which will enable further uptrend to 11,500-11.700 level. (maybe even 12).
When talking about support levels and smart money, 10500 level was opressed heavily few times in a row and so far handled very good with a pressure successfuly regaining value even compensating last dip which pierced 10500 level, ending at 10350, but price was instantly recovered and Bitcoin movement is still above 10500 level, which is certanly one more sign of healthy support on 10,500, beucase by scenario, we should have strong rebounce from 10500 in order to pierce 11.000 level and possibly stay they preparing for next uptrend heading toward 11.700.
One more thing.
I'm not absolutely either bearish or bullish.
We needed clear confirmation in this very unclear enviroment in order to make decision.
That's why we joined after apparent technical rebounce.
We are trying to adapt on market, using stop/loss as a precaution.
This is not financial advice, therefore it can not be used like that.
In order to support further analysis and of course If you find this information useful, or any other analysis before, please consider sending up donation :
BTC address 1EeTCYPx7SG42jjttTgV7MESvHZPoqixz9
ETH address 0x746d3cdb0b30c0d78b26ddc7d9b7d6581be7d5de
LTC adress LMCUJxZhPCKwyCEN65ugfAsqonXFgKrXSF
Thank you in advance
Good luck
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