Bitcoin movement got interesting today or better say got even more interesting today. Let's take a look what happened, both yesterday at 16/6 and today at 9400$ got rejected. It got rejected although this time the of breaking the 9000$ and 9450$ where it lays the 38% fibonacci level should be significantly weaker as it is the second time and not the first that it would break it, since it have broken 9000$ again 2 weeks ago and the previous week correction was just a parenthesis since it closed pretty close to previous week, in fact even higher at 8942$. However the rejection till now isn't that strong just 300$ and already took back a good percentage of the pullback. These are the facts let's see how I think it will go from here.
If we observe bitcoin price movement in a long term time frame of the last few months we can say that it moves inside the I have put on my chart. The pick of the triangle is pointing 11740$ also the price is still a little before half the total length of the triangle so it still has enough space to move inside the triangle until it reaches between 60%-80% of the total length of triangle where I expect a retracement. Btc seems it has a bit steam left inside but a retracement is in the near future and it is healthy for the btc price to occure, retest previous support levels and gain more strength for further higher movement.
To sum up if bitcoin keeps moving inside this triangle it doesn't seem possible to reach 11500$ it will break earlier, if there is any possibility to go higher and test 11500$ it must pick up the pace and make some very strong green candles to tilt the pick of triangle, moving it above 11500$ and put that price between 60%-80% of the total length of the new triangle. Let's how it goes and I will update that post with later on movements of the price.
If you feel like discussing about this trade analysis I ll be glad and feel free to comment.
P.S. : Like it if you like it ;)