MichaelDForex

BTCUSD Analysis Update - August 13, 2019

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD Analysis Update - August 13, 2019

Last time I posted price was at the red zone at a major level right below 11000. I drew my fib level with the 1.618 target in mind and price hit that on point.

I love fib levels!

With the swing up, current price has broken the 71 and 61.8 fib level, so now we are looking at the 50 fib level, this is the blue zone. This is also a previous resistance and support zone as you can see, and a 38.2 level on the previous major swing. Price is still bearish and strong so I am waiting on price to break the red zone, retest on a lower time frame and rest on the blue zone. This all may happen this week because price is losing momentum on a lower time frame.

In my last analysis I projected price to come back down at what is now currently the 23.6 level, the red ellipsis. This is also a low from a previous week. If price comes down here then we may not see a strong trend going back up. This is also looking like an inverted Head and Shoulders at these levels which gives us another confirmation.

I have price projected to head up to the 14000 level if price bounces from the blue zone. Right at this level is the previous support and resistance from early 2018.
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