BTC Has Bounced From The Support To Breakout $10K Resistance
Hi friends hope you are well and welcome to the new update on Bitcoin. Previously I was looking at two patterns for the bullish reversal of BTC. Now the price action is likely to be reversed bullish from the support of these patterns. Let's have the brief analysis on the price action of BTC what it can do next.
1st bullish reversal pattern hamonic BAT move:
on 8th June when the price action was moving around at $10,000. I predicted that BTC is likely to complete the final leg of Gartley pattern, therefore a drop is expected. Below was the post:
And finally the price action dropped in the potential reversal zone of this pattern. But this was in fact a BAT pattern rather than Gartley therefore in my very next post I cleared and mentioned that as per BAT move this drop can be from $9000 upto $8800. And the priceline dropped upto $8,900.
The BAT move:
Now after hitting the spike in the potential reversal zone of this BAT pattern the price action is likely to take a bullish divergence from here.
2nd signal bounce form the support of pennant:
The price action of leading cryptocurrency was also moving in a pennant. Up till yesterday it was moving sideways at the support of this pennant. And this was the second signal I was waiting that the price action may take bounce from the support level of this pennant. For this purpose I used the combination of three indicators the momentum and MACD and stochastic. As in my previous post I also mentioned that when these three indicators will be turned bullish we can expect an upward move upto the resistance of the pennant. At this time the resistance is at $9950 therefore we can expect a spike upto 10K. However if the bank volume will be powerful then the price action can also break out the resistance.
The priceline just broke down the support of $9500 and it was re*testing previous support as resistance. Now at this time is strong bullish candlestick is trying hard to breakout this resistance and it seems to be that in next candlestick the resistance will be broken out. I've also placed the moon phase indicator on this support and resistance chart. It can be observed that the new full foon is appeared little bit down as compared to the previous full moon. But it is still above the resistance of $10,000 therefore it is another indication that the price action of BTC can try to reach upto this moon level.
An expected attempt to re-enter in channel:
Now let's take a look at the up channel that was formed on the daily chart. The price action had broken down the support of this up channel on 15th June. After breaking down the support the price action was moving sideways on the 50 simple moving average support. And it seems to be that this support has worked well and now the price line may try to re-enter in the channel. But for this purpose price action will face a strong resistance by the previous support of the channel that is working now as resistance and that is at $10,000. We can also watch that the 100 simple moving average is very close to cross up the 200 simple moving average below the priceline of BTC. That is also another bullish signal that can help the price action to enter in the channel again.
Conclusion:
All chart patterns and indicators are turned bullish on the daily chart. And the price action has also found very firm support therefore an upward move upto $10,000 levels is almost confirmed.
1st bullish reversal pattern hamonic BAT move:
on 8th June when the price action was moving around at $10,000. I predicted that BTC is likely to complete the final leg of Gartley pattern, therefore a drop is expected. Below was the post:
And finally the price action dropped in the potential reversal zone of this pattern. But this was in fact a BAT pattern rather than Gartley therefore in my very next post I cleared and mentioned that as per BAT move this drop can be from $9000 upto $8800. And the priceline dropped upto $8,900.
The BAT move:
Now after hitting the spike in the potential reversal zone of this BAT pattern the price action is likely to take a bullish divergence from here.
2nd signal bounce form the support of pennant:
The price action of leading cryptocurrency was also moving in a pennant. Up till yesterday it was moving sideways at the support of this pennant. And this was the second signal I was waiting that the price action may take bounce from the support level of this pennant. For this purpose I used the combination of three indicators the momentum and MACD and stochastic. As in my previous post I also mentioned that when these three indicators will be turned bullish we can expect an upward move upto the resistance of the pennant. At this time the resistance is at $9950 therefore we can expect a spike upto 10K. However if the bank volume will be powerful then the price action can also break out the resistance.
The priceline just broke down the support of $9500 and it was re*testing previous support as resistance. Now at this time is strong bullish candlestick is trying hard to breakout this resistance and it seems to be that in next candlestick the resistance will be broken out. I've also placed the moon phase indicator on this support and resistance chart. It can be observed that the new full foon is appeared little bit down as compared to the previous full moon. But it is still above the resistance of $10,000 therefore it is another indication that the price action of BTC can try to reach upto this moon level.
An expected attempt to re-enter in channel:
Now let's take a look at the up channel that was formed on the daily chart. The price action had broken down the support of this up channel on 15th June. After breaking down the support the price action was moving sideways on the 50 simple moving average support. And it seems to be that this support has worked well and now the price line may try to re-enter in the channel. But for this purpose price action will face a strong resistance by the previous support of the channel that is working now as resistance and that is at $10,000. We can also watch that the 100 simple moving average is very close to cross up the 200 simple moving average below the priceline of BTC. That is also another bullish signal that can help the price action to enter in the channel again.
Conclusion:
All chart patterns and indicators are turned bullish on the daily chart. And the price action has also found very firm support therefore an upward move upto $10,000 levels is almost confirmed.
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