BTC had been fallen deep to about 6.000$. It had also broken the long ascending trend line (dashed).
But in only 2 days it has regained this very important trend line.
A second support ist the swing trend lind (orange) at 8.142$.
It seems that BTC has potential to climb along the dashed trend line in direction 9.000$.
There it´ll find strong restance:
a) upper limit of the negative trend channel (red)
b) fib retracement (upgoing) 23.6% + fib retracement (downgoing) 100%
c) the crossing point of the limit of trend channel with the mentioned fib retracements
If BTC will regain the terrain above the fib retracments and will therefor breakout of the negative trend, then I expect it to climb to 10.000$, where we find another swing trend line, which had shown strength in the past. 10.000$ is also psychologically a strong signal.
With no new bad news coming from regulators (nothing what is not known or expected) and good momentum the new direction could be successful.
If BTC falls under the trend line and the support at 8.142$ we have to wait for further trend indication. In this case, the bear-market stays alive!
But in only 2 days it has regained this very important trend line.
A second support ist the swing trend lind (orange) at 8.142$.
It seems that BTC has potential to climb along the dashed trend line in direction 9.000$.
There it´ll find strong restance:
a) upper limit of the negative trend channel (red)
b) fib retracement (upgoing) 23.6% + fib retracement (downgoing) 100%
c) the crossing point of the limit of trend channel with the mentioned fib retracements
If BTC will regain the terrain above the fib retracments and will therefor breakout of the negative trend, then I expect it to climb to 10.000$, where we find another swing trend line, which had shown strength in the past. 10.000$ is also psychologically a strong signal.
With no new bad news coming from regulators (nothing what is not known or expected) and good momentum the new direction could be successful.
If BTC falls under the trend line and the support at 8.142$ we have to wait for further trend indication. In this case, the bear-market stays alive!
Trade active:
Comment:
BTC has crossed the very strong resistance at 38.2%! It should stay above to confirm this strong signal. If so a continuation is probable with next aim fib retracement 61.8% (14.500$).
Trade active:
Comment:
Rebound from strong resistance at double fib retracement.
BTC price is captured between the negative trend (red line) and the longer positive trend (black dotted line).
buy: above the resistance / crossing the negative trend line
stop: below support / crossing down the ascending trend line
BTC price is captured between the negative trend (red line) and the longer positive trend (black dotted line).
buy: above the resistance / crossing the negative trend line
stop: below support / crossing down the ascending trend line