HELLO ALL AND HAPPY WEEKEND TO EVERYONE!
This halving hype has played out as expected. I have been anticipating this move towards 10.5k for some time now. As illustrated in previous ideas, we are reaching a technical resistance as well as a fundamental one. The majority are JUST now getting bullish as price has hit its 10k resistance. This rising channel is suggesting a move down towards 9k, and if broken to the downside will result in a major decline back to 8k. If support holds up at this lower line and support of the rising channel we should be having one more attempt at this channel resistance and our ultimate target at or near $10,500. This is the most important horizontal resistance for BTC right now. No diagonal trend line will show us what this line will as I have shown by my last idea about the Weekly Inverse head and shoulders pattern. Fundamentally I believe we will see a dump following this halving event. Technically I also believe a decline is overdue. If price breaks and holds above 10.5k then I will become EXTREMELY bullish with targets reaching the 15-16k area in due time.
Why this support line is important for a long entry. Confluence of the 55 EMA on the 4H with a 0.618 Fibonacci retrace.
For the upside we see our 1.272-1.618 target at our area of interest.
This is not financial or trade advice.
This halving hype has played out as expected. I have been anticipating this move towards 10.5k for some time now. As illustrated in previous ideas, we are reaching a technical resistance as well as a fundamental one. The majority are JUST now getting bullish as price has hit its 10k resistance. This rising channel is suggesting a move down towards 9k, and if broken to the downside will result in a major decline back to 8k. If support holds up at this lower line and support of the rising channel we should be having one more attempt at this channel resistance and our ultimate target at or near $10,500. This is the most important horizontal resistance for BTC right now. No diagonal trend line will show us what this line will as I have shown by my last idea about the Weekly Inverse head and shoulders pattern. Fundamentally I believe we will see a dump following this halving event. Technically I also believe a decline is overdue. If price breaks and holds above 10.5k then I will become EXTREMELY bullish with targets reaching the 15-16k area in due time.
Why this support line is important for a long entry. Confluence of the 55 EMA on the 4H with a 0.618 Fibonacci retrace.
For the upside we see our 1.272-1.618 target at our area of interest.
This is not financial or trade advice.