Hey friends hope you are well and welcome the new update on Bitcoin.
The priceline of Bitcoin is moving in an up channel and now finally turned bullish after hitting support of the channel:
After using 100 simple moving average support the priceline turned bullish and broke out the $11K to $11150 resistance level. Now the $11000 to $11150 is working as a very strong support area for the price action. In the meanwhile the priceline of BTC has also found a firm support of an up trendline.
On the short term hourly chart the priceline has found a very firm down trendline support and above this support the price action of BTC is forming different harmonic moves. First the price action formed bullish Shark pattern then a bullish BAT move and after taking bullish divergence from the potential reversal zone of BAT the price action has formed another bullish BAT. Therefore we can expect another move to the up side. This move can even trigger the bullish move on the daily chart as well.
Conclusion:
The priceline of the leading cryptocurrency has very strong supports from the short term hourly chart to daily and weekly charts as well. And the continuation of the different harmonic moves are also indicating some big move soon. Therefore we can expect a move at least up to the half of the channel that is at $12K. But if the price action will hit the resistance then it can go up to $13500. However the support of the channel that has been formed on weekly chart is now market structure for BTC. Therefore we should keep an eye on this support and use it as our stop loss. Because if this support will be broken down then the priceline can completely turned in to down trend.
The priceline of Bitcoin is moving in an up channel and now finally turned bullish after hitting support of the channel:
After using 100 simple moving average support the priceline turned bullish and broke out the $11K to $11150 resistance level. Now the $11000 to $11150 is working as a very strong support area for the price action. In the meanwhile the priceline of BTC has also found a firm support of an up trendline.
On the short term hourly chart the priceline has found a very firm down trendline support and above this support the price action of BTC is forming different harmonic moves. First the price action formed bullish Shark pattern then a bullish BAT move and after taking bullish divergence from the potential reversal zone of BAT the price action has formed another bullish BAT. Therefore we can expect another move to the up side. This move can even trigger the bullish move on the daily chart as well.
Conclusion:
The priceline of the leading cryptocurrency has very strong supports from the short term hourly chart to daily and weekly charts as well. And the continuation of the different harmonic moves are also indicating some big move soon. Therefore we can expect a move at least up to the half of the channel that is at $12K. But if the price action will hit the resistance then it can go up to $13500. However the support of the channel that has been formed on weekly chart is now market structure for BTC. Therefore we should keep an eye on this support and use it as our stop loss. Because if this support will be broken down then the priceline can completely turned in to down trend.
