Hi all -
As you can see BTC has completed it's temporary double bottom at 7720 and broken out above it's resistance. Further more we have a pending successful retest of the neckline.
Measuring the height of the two bottoms to the neckline gives us a couple target price points.
This opens the door for a retrace back to 8700 (Target 1)
... and 9300-9400 (Target 2)
Please take note that Target 2 sits just below the previously broken down wedge. This area will likely be heavy on shorts so bulls must be cautious in this area.
A breakout above 9400 would be incredibly bullish and in my opinion, a continuation of the bull market.
A breakdown from 9400 will likely lead to a 7300-7400 test and potentially fill the gap in the 6500 range.
As you can see BTC has completed it's temporary double bottom at 7720 and broken out above it's resistance. Further more we have a pending successful retest of the neckline.
Measuring the height of the two bottoms to the neckline gives us a couple target price points.
This opens the door for a retrace back to 8700 (Target 1)
... and 9300-9400 (Target 2)
Please take note that Target 2 sits just below the previously broken down wedge. This area will likely be heavy on shorts so bulls must be cautious in this area.
A breakout above 9400 would be incredibly bullish and in my opinion, a continuation of the bull market.
A breakdown from 9400 will likely lead to a 7300-7400 test and potentially fill the gap in the 6500 range.