So what can we see happening to BTC here?
BTC has created a double top formation at around 11.2k, it has failed to break this target twice as there is huge pressure from sellers at this price. We expect a minor decline down to 10.8k as we don't feel it'll follow the double top formation and break under this price. We could also end today on a high and break above 11.2k to disrupt the double top formation and break into the next price floor. Thereafter, we could be making our way to 12k but please bare in mind it could use the MA on the weekly chart as a resistance at 12k (therefore meaning that we may not be able to break the 12k mark over this coming week).
Never the less, we do feel that BTC could definitely overcome this task and break the week upwards of 12.9k, were again we will have another huge resistance which could drive the price down again briefly. The RSI on both 4 hour and daily chart suggests that we are slowly moving into overbought territory but not to worry there is still plenty of room for upward movement. MACD is also suggesting that we are at the beginning of a bullish move on the 1 day chart. Weekly candle is also suggesting that we could definitely be finishing above 12k at the minimum if not our target of 13k.
We will be documenting BTC journey to 24k, which is what we see it reaching but please bare in mind this will not happen overnight.
Please follow us on Instagram with the link below to stay up to date with all our analysis and our ALT coin recommendations!
Thanks,
Cryptofelix!
BTC has created a double top formation at around 11.2k, it has failed to break this target twice as there is huge pressure from sellers at this price. We expect a minor decline down to 10.8k as we don't feel it'll follow the double top formation and break under this price. We could also end today on a high and break above 11.2k to disrupt the double top formation and break into the next price floor. Thereafter, we could be making our way to 12k but please bare in mind it could use the MA on the weekly chart as a resistance at 12k (therefore meaning that we may not be able to break the 12k mark over this coming week).
Never the less, we do feel that BTC could definitely overcome this task and break the week upwards of 12.9k, were again we will have another huge resistance which could drive the price down again briefly. The RSI on both 4 hour and daily chart suggests that we are slowly moving into overbought territory but not to worry there is still plenty of room for upward movement. MACD is also suggesting that we are at the beginning of a bullish move on the 1 day chart. Weekly candle is also suggesting that we could definitely be finishing above 12k at the minimum if not our target of 13k.
We will be documenting BTC journey to 24k, which is what we see it reaching but please bare in mind this will not happen overnight.
Please follow us on Instagram with the link below to stay up to date with all our analysis and our ALT coin recommendations!
Thanks,
Cryptofelix!