BITCOIN triangle breakout was expected 64k will be next target
BITCOIN
The recent bullish trend has given a strong confidence in crypto investment. Bitcoin has managed to break the 60k level and felled back again below 60k level
Currently it was trading below the 59k level.At this level we can see a consolidation phase for the past 3 days soon we can expect a breakout here.
I have identified one triangle formation here which is a clear sign of upcoming breakout on either side.On downside 50% Fibonacci will hold BTC in remain in Bullish territory while writing this analysis
the price is just above the 61.8% Fibonacci level this will also provide support for bullish trend.
The 50,100,200 Exponential moving averages was acting as support for bull.Ichimoku cloud is still green and proving cloud support.Bollinger band was slowly constricting a but which is a sign of either side breakout.
RSI is well above 50 level,MACD is still green and the band was minor only. Stochastic has reached around 75(short term fall was expected)
Trend line drawn from 11/03/2021 will act as dynamic support and resistance for both the bull and bear. 54K was acted as clear support for bull twice. We can buy while retracing towards
50.00% Fibonacci if we missed this chance we can also buy after clear break and retest. The possible upper side target was 64k.
Trade call
Buy @ 57500.00
Take profit @ 64000.00
Stop lose @ 57750.00
The recent bullish trend has given a strong confidence in crypto investment. Bitcoin has managed to break the 60k level and felled back again below 60k level
Currently it was trading below the 59k level.At this level we can see a consolidation phase for the past 3 days soon we can expect a breakout here.
I have identified one triangle formation here which is a clear sign of upcoming breakout on either side.On downside 50% Fibonacci will hold BTC in remain in Bullish territory while writing this analysis
the price is just above the 61.8% Fibonacci level this will also provide support for bullish trend.
The 50,100,200 Exponential moving averages was acting as support for bull.Ichimoku cloud is still green and proving cloud support.Bollinger band was slowly constricting a but which is a sign of either side breakout.
RSI is well above 50 level,MACD is still green and the band was minor only. Stochastic has reached around 75(short term fall was expected)
Trend line drawn from 11/03/2021 will act as dynamic support and resistance for both the bull and bear. 54K was acted as clear support for bull twice. We can buy while retracing towards
50.00% Fibonacci if we missed this chance we can also buy after clear break and retest. The possible upper side target was 64k.
Trade call
Buy @ 57500.00
Take profit @ 64000.00
Stop lose @ 57750.00
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