Bitcoin has possibly completed the bottom formation, once we break above the neckline of the inverse head and shoulder. Once completed it gives high chances of bottom being in.
Once we go above 4k, which should happen on Monday, the first targets are 4.8-5.2 area, with a possible push to 5.700-5.8 area to retest the breakdown of the triangle. After that a correction to 0.618 fib level to around 4.1-4.250 area to retest the support of the inverse head and shoulders bottom. I will start laddering leverage at 3930 resistance break and will add every 30$ move, building a desired position on low 1x leverage and once daily breaks 4250 high I will increase leverage to 4x with break even stop loss. Once it reaches first target of 4.8 I will take profit of extra BTC and remain in spot to 5.5-5.7, or the first sign of weakness.
However if we break this wedge downwards and we fall below 3500, It is very likely to test new lows.
Best Regards, Vinacey.
Once we go above 4k, which should happen on Monday, the first targets are 4.8-5.2 area, with a possible push to 5.700-5.8 area to retest the breakdown of the triangle. After that a correction to 0.618 fib level to around 4.1-4.250 area to retest the support of the inverse head and shoulders bottom. I will start laddering leverage at 3930 resistance break and will add every 30$ move, building a desired position on low 1x leverage and once daily breaks 4250 high I will increase leverage to 4x with break even stop loss. Once it reaches first target of 4.8 I will take profit of extra BTC and remain in spot to 5.5-5.7, or the first sign of weakness.
However if we break this wedge downwards and we fall below 3500, It is very likely to test new lows.
Best Regards, Vinacey.