After 30 days of correction, BTC has finished the last cycle and started a new cycle of Aug. 2019. The Fib. 38.2% level did hold the price well, from now it turns to strong support for the mid-term move of BTC.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around $14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around $14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around
14K), heads to higher targets such as $16k, $18k, and even an all-time high at around $20k. Any targets beyond 14K are from a long-term point of view.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around $14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around $14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around
14K), heads to higher targets such as $16k, $18k, and even an all-time high at around $20k. Any targets beyond 14K are from a long-term point of view.
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Related publications
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.