BTC Weekly View - Very Bullish!
So, I see a lot of people saying btc will go to 3-4k area.
I don't agree with that people at all.
Take a look at the weekly chart (TA wise):
1) BTC is currently moving within the symmetrical triangle (could be a massive bullish pennant)
2) All the lines you see are the strongest resistance for BTC, so far BTC holds it perfectly
3) Drops getting less aggressive
4) Currently BTC retraced to the 0.786 Fibonacci line.
5) If it breaks, no worries at all, retracement to 6500 area.
6) Already a small bull divergence is in play on MACD.
7) MACD making a higher low on smaller timeframes, wich means if BTC goes to the 6500 area and holds, a second bullish divergence will be in play.
FA wise:
1) We can see a similiair pattern at the stock markets. These markets are already recovering/going up. BTC could be following up.
2) Korea maybe lift the ban on ICO's. So I guess Korea is done buying the dip.
Therefore I would be very surprised if BTC reaches the 3-4K area.
Absolute bottom would be around 6500 --> bounce on the support line.
Overall market sentiment is looking bright.
I don't agree with that people at all.
Take a look at the weekly chart (TA wise):
1) BTC is currently moving within the symmetrical triangle (could be a massive bullish pennant)
2) All the lines you see are the strongest resistance for BTC, so far BTC holds it perfectly
3) Drops getting less aggressive
4) Currently BTC retraced to the 0.786 Fibonacci line.
5) If it breaks, no worries at all, retracement to 6500 area.
6) Already a small bull divergence is in play on MACD.
7) MACD making a higher low on smaller timeframes, wich means if BTC goes to the 6500 area and holds, a second bullish divergence will be in play.
FA wise:
1) We can see a similiair pattern at the stock markets. These markets are already recovering/going up. BTC could be following up.
2) Korea maybe lift the ban on ICO's. So I guess Korea is done buying the dip.
Therefore I would be very surprised if BTC reaches the 3-4K area.
Absolute bottom would be around 6500 --> bounce on the support line.
Overall market sentiment is looking bright.
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