LanaFL

BTC reached key support level. Descending triangle. Target 13500

Long
LanaFL Updated   
COINBASE:BTCUSD   Bitcoin
Hi, everyone! BTC dropped to the key support level that we have seen twice since "big rally" in the same time turning from symmetrical triangle which is Bi-Lateral pattern into Descending Triangle, which is BULLISH. If 6000-6500 will hold, we should reach a wave "E" first, and if the breakdown occurs at 8500-8800, the target will be ~13250 at 0.5 Fibonacci.
BTC is still very overbought, Daily RSI 28. We have seen this conditions only 6 times before the big rallies from 1800 to 4980, 2900 to 19980, 5800 to 11800 and 6400 to 9800.
Hold tight and stay tuned
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