BTC had a little relief rally and currently preparing to test the bottom of the falling wedge. The support and resistance lines that you see on the chart are rock solid and not just showing the pivot levels, but also correspond with Fib levels.
The lower targets are:
1) 5850 which has been tested 4 times and held, which is very uncommon. Usually, after 3 bounces, if support being tested again - it's failing. I truly believe that if tested again, 5850 level going to fail.
2) If 5850 will fail, next level which is the most important is between 4950 and 5150. At this level is wise to scaling buy strategy within the green area that you can see right under the wadge. We may see a false downward breakout, so setting the limit buys in that area is wise.
3) The lowest level is 3050 which exist, but unlikely will be seen. Lowest level I can imagine is 3650 which will be the biggest bargain of the century.
The most important resistances that BTC will need to break are:
1) 5850 will be the first obstacle on the way up. It was a key support level for almost year, and when it will turn into resistance, it wouldn't be easy to break.
2) 6850 is a key level as well that will resist less, but bulls will need to put the effort to break it.
3) Next crucial level is 8500. It might be a top of the move, at least looking at the target of the current pattern. This is also a Fib level, so you should look very closely at the behavior of the price at this level because it will determine the future of BTC and crypto in general for the next several months or even years.
4) The highest point, which also a Fib level is 9950. This is an absolute top that can be seen ATM. This is a level of the previous top, this is a Fib, this is also a previous uptrend line that failed and became a resistance.
Trade wisely and avoid FOMO at all cost. Very turbulent time is coming, so don't panic, use Stop-Loss and stay sober and unbiased
Good luck!
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
The lower targets are:
1) 5850 which has been tested 4 times and held, which is very uncommon. Usually, after 3 bounces, if support being tested again - it's failing. I truly believe that if tested again, 5850 level going to fail.
2) If 5850 will fail, next level which is the most important is between 4950 and 5150. At this level is wise to scaling buy strategy within the green area that you can see right under the wadge. We may see a false downward breakout, so setting the limit buys in that area is wise.
3) The lowest level is 3050 which exist, but unlikely will be seen. Lowest level I can imagine is 3650 which will be the biggest bargain of the century.
The most important resistances that BTC will need to break are:
1) 5850 will be the first obstacle on the way up. It was a key support level for almost year, and when it will turn into resistance, it wouldn't be easy to break.
2) 6850 is a key level as well that will resist less, but bulls will need to put the effort to break it.
3) Next crucial level is 8500. It might be a top of the move, at least looking at the target of the current pattern. This is also a Fib level, so you should look very closely at the behavior of the price at this level because it will determine the future of BTC and crypto in general for the next several months or even years.
4) The highest point, which also a Fib level is 9950. This is an absolute top that can be seen ATM. This is a level of the previous top, this is a Fib, this is also a previous uptrend line that failed and became a resistance.
Trade wisely and avoid FOMO at all cost. Very turbulent time is coming, so don't panic, use Stop-Loss and stay sober and unbiased
Good luck!
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Comment:
We are there!