What's up traders,
Here we are analyzing BTC/USD on the 1D chart.
I posted a BTC/USD analysis lately, and it's so far gone perfectly to plan (See previous analysis for more information). The dynamics of the trade have changed slightly therefore I'm updating this analysis!
I previously was eyeing 2 levels that could act as a support. That was the side-wards resistance line turned support at 7220, and also the horizontal support zone at 6660. But, now it may also be logical to consider the 61.8 retracement at 7780 before upside.
The price action implies that we're likely starting a new legitimate uptrend. Alongs we don't breach the horizontal support zone, then it looks like upside is the likely outcome!
I will update this analysis when I receive above 40 likes.
Here we are analyzing BTC/USD on the 1D chart.
I posted a BTC/USD analysis lately, and it's so far gone perfectly to plan (See previous analysis for more information). The dynamics of the trade have changed slightly therefore I'm updating this analysis!
I previously was eyeing 2 levels that could act as a support. That was the side-wards resistance line turned support at 7220, and also the horizontal support zone at 6660. But, now it may also be logical to consider the 61.8 retracement at 7780 before upside.
The price action implies that we're likely starting a new legitimate uptrend. Alongs we don't breach the horizontal support zone, then it looks like upside is the likely outcome!
I will update this analysis when I receive above 40 likes.
We've made a nice move, and I think price will still reach the previous high target at 11,400 before the downside.