Bitcoin : US Dollar - Marked Recap
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After a pretty successful week where all the targets on BTC:USD which were covered on the previous article has been finally met, let's get into another breakdown and try to predict further potential movements on this pair.
Starting off with the weekly time-frame after rocketing to the 9500 level, you can see that this particular resistance did hold pretty well that resulted with a reversal back to 8700 support a break of which will be taking us all the way to the 8000.
However judging by the importance of the 8700 support, I believe that we should be anticipating few spikes to the upside before going lower to retest the 8000 level where I believe bulls should kick off and take a full control of the market before the 2019 EOY.
Taking it down to the daily time-frame we finally broke below the consolidation area which we struggled to break out from for days, that resulted with a retest of the consolidation zone and an immediate meltdown to the 8700 support. If we maintain to hold above this support I believe we will be heading towards 9000-9200 for a retest - thus correlating with the weekly analysis mentioned above. However if we see a clean break and close below 8700 on the daily the 8000 level will be closer than ever for an one last retest.
Stay tuned to our telegram channel for updates!
After a pretty successful week where all the targets on BTC:USD which were covered on the previous article has been finally met, let's get into another breakdown and try to predict further potential movements on this pair.
Starting off with the weekly time-frame after rocketing to the 9500 level, you can see that this particular resistance did hold pretty well that resulted with a reversal back to 8700 support a break of which will be taking us all the way to the 8000.
However judging by the importance of the 8700 support, I believe that we should be anticipating few spikes to the upside before going lower to retest the 8000 level where I believe bulls should kick off and take a full control of the market before the 2019 EOY.
Taking it down to the daily time-frame we finally broke below the consolidation area which we struggled to break out from for days, that resulted with a retest of the consolidation zone and an immediate meltdown to the 8700 support. If we maintain to hold above this support I believe we will be heading towards 9000-9200 for a retest - thus correlating with the weekly analysis mentioned above. However if we see a clean break and close below 8700 on the daily the 8000 level will be closer than ever for an one last retest.
Stay tuned to our telegram channel for updates!
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