Hello, Traders!
BTC has had an impressive week, making substantial strides since its trend line / symmetrical triangle breakout. However, BTC has seen resistance at the 0.5 Fibonacci retracement level. This has then seen BTC fall from $11700 USD towards $11200 USD earlier this morning in the light of OKEx investigation.
During BTCs recent breakout, the surge past the 0.5 Fibonacci indicates that there is likely further price gains to be seen – BTC is favored by the bulls more than the bears. The previous downwards trend will likely not be continued. With regard to the 0.5 Fibonacci level, this is a major support area for BTC. As shown in the chart below, BTC has seen $11200 USD act as support five times (indicated with the red arrows). If BTC hits this level then we will very likely see $11200 USD support BTC, preventing the price from falling further.
There were some doubts from traders within the cryptocurrency community as to whether the recent breakout was fake.
This suspicion has now been somewhat brushed aside, with the numerous points of contact alongside matching EWs confirming that this breakout is real. The breakout has very much taken place.
Overall, the coin is still very bullish. The likelihood of BTC falling back towards $10000 USD now looks highly unlikely. The medium-term target for BTC remains at $12000 USD with the EOY target remaining at $14000 USD.
Good luck and watch out for the market!
Please share your thoughts in the comments below!
BTC has had an impressive week, making substantial strides since its trend line / symmetrical triangle breakout. However, BTC has seen resistance at the 0.5 Fibonacci retracement level. This has then seen BTC fall from $11700 USD towards $11200 USD earlier this morning in the light of OKEx investigation.
During BTCs recent breakout, the surge past the 0.5 Fibonacci indicates that there is likely further price gains to be seen – BTC is favored by the bulls more than the bears. The previous downwards trend will likely not be continued. With regard to the 0.5 Fibonacci level, this is a major support area for BTC. As shown in the chart below, BTC has seen $11200 USD act as support five times (indicated with the red arrows). If BTC hits this level then we will very likely see $11200 USD support BTC, preventing the price from falling further.
There were some doubts from traders within the cryptocurrency community as to whether the recent breakout was fake.
This suspicion has now been somewhat brushed aside, with the numerous points of contact alongside matching EWs confirming that this breakout is real. The breakout has very much taken place.
Overall, the coin is still very bullish. The likelihood of BTC falling back towards $10000 USD now looks highly unlikely. The medium-term target for BTC remains at $12000 USD with the EOY target remaining at $14000 USD.
Good luck and watch out for the market!
Please share your thoughts in the comments below!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.