ecoinamist
Short

Bitcoin Still in an Uptrend! | Short Term Resistance

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Short and long term outlook of Bitcoin:
Long term, I expect to reach top of channel and beyond.
Short-term, I expect a correction.

Short Term:
I like $9k as a support / launch pad, but we could go as low as $8k according to fractal / channel alone.

The .618 FIB line is an important line in general, but you can see it has been a big part of the price action this year.
You can also see that a recovery from bottom of the channel hit some resistance on this line, and then consolidates under the line before a breakthrough and continuation up towards top of channel.
I highlighted this fractal for you in yellow.


Long Term:
This channel dates back to January 2017.
It showcases the impressive uptrend Bitcoin has been in for over a year.
It also highlights the explosive growth it experienced in December, and the crash that followed.
I really like that the bottom was used as support in that crash, because it shows that this year-long channel is still very relevant.
It also shows that we're still in this uptrend.

I like the bottom of the channel to top of channel fractal I highlighted. Lets hope this plays out.
There's one critical resistance I don't have on here that will almost guarantee the bull run / market.

I use this channel as a guide for taking profits, buying in, and even as a stop loss (breakdown of channel).
Feel free to do the same!
Trade active: Bitcoin graciously validating my .618 line on the 4H: Two resistance tests, and support test after breakout on the 4H.
I like using the support test as a strong indicator that travel will continue up, but volume is a little concerning. Regardless, I think our next stop is $12k

Comments

that would be great if we could see 7k zone again
Reply
ecoinamist basahand
@basahand, 7k zone would be a little difficult. We'd have to reach bottom of channel before April.
Anything is possible though!
+1 Reply
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