BTC is still trading based on the result of the breakout of the Falling Wedge formation which happened on 8th April.
The target of this pattern should be from 10250 – 11000 (depends on which time frame you consider the breakout).
For me I look at the 12H chart so my target is around 10885.
So going back to BTC and its performance last week as I mentioned BTC was trying to follow the trend and the target of the pattern breakout. However, BTC was facing many resistance challenges (as you can see them on the chart the red dotted lines) and each time was struggling to pass these resistance smoothly without sell off. However, and due to the dry out of the short positions, BTC eventually managed to break out those resistances and go to the next ones.
Yet, for me … Wednesday’s sell-off was more like a manipulation from some big speculators as it all happened in the same time and same hours for all the coins at one time and massive sell off followed after that… kind of a signal to all speculators to pull out a controlled collective sell. Anyway this is only my opinion.
I still see BTC should continue to go up till it reaches targets 10250-11000. Then we re-assess the situation after that. (based on Daily & 12 H charts)
Now our major support is 8300 which if BTC breaks it.. it would suggest a trend reversal and may test lower levels. (Based on Daily Chart).
If we close at same lvls this week 8700-9700 …I expect next week candle should be green and take us to levels around 10250-11000
At the end let’s not forget our large picture as the weekly chart below – we are still trading within the expected triangle pattern and I think we are still under Wave 3 which its target around these levels 10000-11000 – yet we can expect any trading levels within that triangle.
The target of this pattern should be from 10250 – 11000 (depends on which time frame you consider the breakout).
For me I look at the 12H chart so my target is around 10885.
So going back to BTC and its performance last week as I mentioned BTC was trying to follow the trend and the target of the pattern breakout. However, BTC was facing many resistance challenges (as you can see them on the chart the red dotted lines) and each time was struggling to pass these resistance smoothly without sell off. However, and due to the dry out of the short positions, BTC eventually managed to break out those resistances and go to the next ones.
Yet, for me … Wednesday’s sell-off was more like a manipulation from some big speculators as it all happened in the same time and same hours for all the coins at one time and massive sell off followed after that… kind of a signal to all speculators to pull out a controlled collective sell. Anyway this is only my opinion.
I still see BTC should continue to go up till it reaches targets 10250-11000. Then we re-assess the situation after that. (based on Daily & 12 H charts)
Now our major support is 8300 which if BTC breaks it.. it would suggest a trend reversal and may test lower levels. (Based on Daily Chart).
If we close at same lvls this week 8700-9700 …I expect next week candle should be green and take us to levels around 10250-11000
At the end let’s not forget our large picture as the weekly chart below – we are still trading within the expected triangle pattern and I think we are still under Wave 3 which its target around these levels 10000-11000 – yet we can expect any trading levels within that triangle.