Hey friends, hope you are well and welcome to the new update on Bitcoin.
In April 2020 I shared the post where I showed that on monthly chart the price action of BTC has completed final leg of bullish Garltey move. And as per Fibonacci sequence of Bullish Gartley the priceline turned bullish from the potential reversal zone of this harmonic pattern and produced more than 94% rally. At this time the 0.786 Fibonacci projection is working as a strong resistance and the candlesticks of the leading cryptocurreny is trying to break out this resistance.
In my previous article I showed you few more things that the priceline of BTC is forming different harmonic moves on hourly chart and having very firm support of an uptrendline as well. And these moves were signaling for a big move soon.
After using 100 simple moving average support the priceline turned bullish and broke out the 11K to $11150 resistance level . And $11000 to $11150 started working as very strong support. In the meanwhile the priceline of Bitcoin also retested these supports which were previously working as resistance and after successful re-test spiked more beyond 13K.
Now I want o show you the upchannel on weekly chart that was the base of my prediction that the priceline can spike upto $13500 very soon. Previously when I posted this up channel on 2nd oct the priceline was at $10398 and now after this move the Bitcon has reached beyond $13300 that is more than 28%.
Now if we take a look at this channel on live chart then the priceline of King of all cryptocurrencies is reached more than the half of this channel. The Bollinger bands is showing resistance therefore once Bollinger bands will be expanded then the price action can move upto the resistance of this channel that is almost at 14K. The price action has also good supports of simple moving averages with the time period of 25, 50, 100 and 200 as well.
Conclusion: Even though the price action has turned very strong bullish and spiked beyond 13K but the Bollinger bands is showing a strong resistance. Therefore I need to keep an eye on the Bollinger bands once it will start expanding then there will be more space created for candlesticks to move upto the resistance otherwise the lower bands of bolling bands indicator is below the support of channel and the priceline can move up this level as well.
I guess at this rate we will hit 15 000 USD next 10 days.