BTCUSD - There's still a huge barrier to cross
Hello everyone,
Welcome to my first published analysis, here's my opinion:
BTC finally broke the falling wedges' trendline and looks like it is headed to the major resistance at the 7650-7750$ zone where we have a combination of 23.6% fib, 200EMA and the huge psychological barrier of the bear trendline.
A bull flag is forming on the short term, however it needs volume to push through. If it does make it, IMO we'll be seeing an attempt to break the resistance however chances are pretty low.
Breaking the trendline would mean we're back on a bullish market. Rejecting it will mean 4,500-4,600$ mark becomes more realistic.
Most likely we'll be heading down to 6500$ support where the 50EMA has now turned support, the falling wedge trendlines' previous resistance has become support and it is where it meets a previous bull trendline.
Appreciate your opinions and hope you like the analysis.
Welcome to my first published analysis, here's my opinion:
BTC finally broke the falling wedges' trendline and looks like it is headed to the major resistance at the 7650-7750$ zone where we have a combination of 23.6% fib, 200EMA and the huge psychological barrier of the bear trendline.
A bull flag is forming on the short term, however it needs volume to push through. If it does make it, IMO we'll be seeing an attempt to break the resistance however chances are pretty low.
Breaking the trendline would mean we're back on a bullish market. Rejecting it will mean 4,500-4,600$ mark becomes more realistic.
Most likely we'll be heading down to 6500$ support where the 50EMA has now turned support, the falling wedge trendlines' previous resistance has become support and it is where it meets a previous bull trendline.
Appreciate your opinions and hope you like the analysis.
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