#BTC 1H
As we can see in 1H chart, Bitcoin is fluctuating within a descending channel and it started to rise after bouncing from the trendline.
Each time Bitcoin has bounced from these areas, we Haven’t had a rise more than 38% fibonacci levels; but now bitcoin has passed the midline and 38% Fibonacci level.
A reverse head and shoulders pattern is suspected,which can help #BTC to rise upto 6700 region.
On the other hand there is an important resistance at 61% Fibonacci level and if #BTC overcomes that point as well, we can expect a stronger rise.
If bitcoin fails to cross these levels we can expect it to fall to new 5300 support levels.
As we can see in 1H chart, Bitcoin is fluctuating within a descending channel and it started to rise after bouncing from the trendline.
Each time Bitcoin has bounced from these areas, we Haven’t had a rise more than 38% fibonacci levels; but now bitcoin has passed the midline and 38% Fibonacci level.
A reverse head and shoulders pattern is suspected,which can help #BTC to rise upto 6700 region.
On the other hand there is an important resistance at 61% Fibonacci level and if #BTC overcomes that point as well, we can expect a stronger rise.
If bitcoin fails to cross these levels we can expect it to fall to new 5300 support levels.