Hello Traders,
Let's get straight to the point. Based on the weekly time frame, BTC looks like a bullish setup.
As we can see from the chart, we had a falling wedge breakout on the weekly setup, then we retested the support trendline of the wedge, and then bounce from there.
Currently BTC is at a pretty strong resistance as we can see from the chart and the FIB lines. 28K - 32K needs to break for BTC to reach 40K and then 50K respectively.
Here are out targets:
Target 1: 28106 needs to cross, hold and close above on weekly.
Target 2: ~33000
Rest of the targets will be the FIB levels as seen on the chart.
If we're unable to break 28106 and close the weekly candle above it, we might see some selling until we can try again to break it.
I will post my shorter term view on BTC soon. Trade smart and don't forget to manage your risks :)
Happy Trading!
Let's get straight to the point. Based on the weekly time frame, BTC looks like a bullish setup.
As we can see from the chart, we had a falling wedge breakout on the weekly setup, then we retested the support trendline of the wedge, and then bounce from there.
Currently BTC is at a pretty strong resistance as we can see from the chart and the FIB lines. 28K - 32K needs to break for BTC to reach 40K and then 50K respectively.
Here are out targets:
Target 1: 28106 needs to cross, hold and close above on weekly.
Target 2: ~33000
Rest of the targets will be the FIB levels as seen on the chart.
If we're unable to break 28106 and close the weekly candle above it, we might see some selling until we can try again to break it.
I will post my shorter term view on BTC soon. Trade smart and don't forget to manage your risks :)
Happy Trading!