Bitcoin possible path to $11.5K using Resistance Support levels
Updated
Once you map previous key resistance and support levels for BTCUSDT it becomes evident that failure to form Support zone around 9.5K caused Bitcoin to plunge recently.
Currently 0.5 fib level at 8.4K is holding BTC from dropping to the 7.8K Support zone (highlighted in green box) which is also the 0.618 fib level. I would rather like BTC to form a pivot here (highlighted in orange oval) for its next move up to 11.5K and beyond.
BTCUSDT If the 0.5 fib level at 8.4K fails to form a pivot then 7.8K is the next likely candidate. A lot of bids would be stacked here.
Lets hope that Bitcoin takes the path marked with dark green arrows to 11.5K and beyond !
Currently 0.5 fib level at 8.4K is holding BTC from dropping to the 7.8K Support zone (highlighted in green box) which is also the 0.618 fib level. I would rather like BTC to form a pivot here (highlighted in orange oval) for its next move up to 11.5K and beyond.
BTCUSDT If the 0.5 fib level at 8.4K fails to form a pivot then 7.8K is the next likely candidate. A lot of bids would be stacked here.Lets hope that Bitcoin takes the path marked with dark green arrows to 11.5K and beyond !
Trade active
Update -BTC has just begun to follow the path marked by dark green arrows on the chart.
We have moved up slow and steady from the 0.5 fib level at 8.4K. Oscillators are now turning favourable for Longs. Bulls would now need to break above the 9.3K to 9.5K Resistance zone and hold it as Support this week.
Trade active
Bitcoin almost touched 9.2K but could not follow through to 9.5K as momemtum faded. With the downward orange channel still intact, we could follow the orange arrow to test 7.8K support zone next.Trade active
OPEC + oil update from yesterday has caused ripple effect across all markets including crypto currency BTC7.8K zone needs to now hold as support. 8K is being tested now.
Trade closed: stop reached
This idea failed miserably once the 7.6K to 7.8K support was lost. Time to publish new idea soon.
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