BTC Update

The weekly chart closed very strong. Like we said in previous BTC analysis, after breaking that 0.382 Fib at 9400,
we skyrocketed to the area we pointed with the arrow.

Why that area is so important? It's a strong horizontal level of resistance + 0.5 Fib.

If BTC breaks and closes above 0.5 Fib (~11 500), it's almost open air to the upside to 0.618 Fib at 13.5k (no major resistance + volume gap).

There are questions primarily wondering whether the move is exhausted or not.
Our indicators are showing there is some gas left in the tank.

Now let's talk about the Ichimoku Cloud. It's the first time it's has been bullish since December 2015
We got a close above the cloud, that is a long entry based on this metric. Also admit bullish TK cross & bullish Kumo twist.
The long-term trend is bullish.
What we need is the price staying above the cloud.
Also if we are supposed to see a continuation to the upside, this weekly candle should not pull back below 9800.



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The information given is never financial advice. Always do your own research.