BTC BAT Harmonics - Daily Chart
Updated
My outlook on BTC. I'm not 100% convinced on this recent bounce, waiting for confirmation for a new uptrend, or another sell off.
- Major resistance around $11,800
- Major support around $6,000
- Expect to find resistance around Fibonacci levels.
A break above the pennant (Blue Line) will likely see a rise to the major resistance line.
A break below the pennant (Blue Line) *may* see a sell off to point C in purple, or a double bottom at $6,000 with major support.
Long term target of $18,000
- Major resistance around $11,800
- Major support around $6,000
- Expect to find resistance around Fibonacci levels.
A break above the pennant (Blue Line) will likely see a rise to the major resistance line.
A break below the pennant (Blue Line) *may* see a sell off to point C in purple, or a double bottom at $6,000 with major support.
Long term target of $18,000
Note
Price hit major supply zone and has now created a High Lower and a Higher High. That BTC Bat pattern (Unconfirmed pattern) had failed (it was a long shot...) Although price bounced off point C, there was not enough volume to change the trend from bear to bull. After this week price action, the market is looking bullish for now.
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