TradingView
Sive-Morten
Jul 27, 2020 7:56 AM

10.85K 

Bitcoin / United States DollarCoinbase

Description

Morning guys,

Today is great news as market stands at 10.2K and ready to challenge the daily top. This is promised to be the decisive journey as a lot of things will change is BTC will break it up. But this is different story.

Now, as you can see market not just has hit our OP target but has reached XOP 1.618 extension, breaking 5/8 Fib level and totally erased downside AB-CD pattern. So, context here stands bullish and we need to set new target. Most logical is to consider some upside extensions and nearest one stands in the shape of butterfly with 10.85K destination point.

As BTC is not at overbought or at some Fib resistance, we should not get too deep pullback. Most probable is 10K and 9.8K levels on 1H chart where position might be taken.
Comments
PurpleCrypto
Good call.

raminnoshad
What do you think is the next move?
Sive-Morten
@raminnoshad, Well, I think 1.618 butterfly is the next target...
More