BTC Pump Technical Confirmation Fundamental
Updated
BTC recently bounced off the 15K support level, which previously acted as a resistance level in December 2017. This confluence of events suggests strong support and the possibility of a long-term or short-term bottom for trading purposes. A technical analysis reveals a descending broadening wedge pattern on the daily chart, which has broken out with a confirmation as seen in the daily candle, breaking out of the trend line and remaining steady while bouncing off that same trend line for confirmation. Additionally, the 50-day moving average is pricing above the 200-day moving average, known as the Golden Cross. The MCAD is 1367, and the RSI is above 70. In terms of fundamentals, since the sentiment of the US dollar is weak, Bitcoin tends to perform well. We will have to wait and see what happens.
In the worst-case scenario, the price may drop back to the 15K support level or even lower, potentially as low as 8-10K.
Aiming to take profit at 39kish.
In the worst-case scenario, the price may drop back to the 15K support level or even lower, potentially as low as 8-10K.
Aiming to take profit at 39kish.
Comment
Turned out to be a bearish broadening wedge that corrected back to the 27,000 support range. Confluence on support level as well as trend line. Banks failing. BTC looking good.Disclaimer
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