So going back to a few days we had a nice gravestone doji/shooting star (on the daily chart ) showing that bulls were running out of power. Next day the red candle confirmed the trend reversal.
We successfully broke the 10k psychological level.
We also broke the 9.5k resistance which was a resistance before and after became a new support (purple line).
Next support is the 0.786 fibbo at 9k. The 9k level also seems to be a good target for the elliot correction wave. After reaching 9k I do expect a little pull back to 9.5k and testing it as a new resistance.
Closing below 9.5k today would be a great sign for trend continuation.
My final target is still at 6.5k at the green bullish trendline .
Please leave a comment if you have any question and leave a like if you found my post helpful!
***This is not a financial advice! I do not tell anyone to buy or sell bitcoin!***
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Descending wedge if forming. I expect a breakout with a higher volume after we break the blue line downward.
Do you see hitting these levels, including 6.5k, as a necessary step to get back to ATH?
simplegray
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Are you long BTC long-term?
KryptonuQ
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@simplegray, Thank you for your comment! Have a look at this chart:
As you can see we are moving in this blue channel mid-term. Hitting the bottom of the channel is very unlikely, because at 5-6k there would be a huge buying power. At 6k-6.5k we would create a double bottom which is a very strong trend reversal pattern. I don't see any major resistance until 6.5k. Since most of the newbie investors are gone because of the burst of the bubble, the buying power is not even close compared to the buying power in december when they hype started. Therefore in the near future I think it is not likely to make a new ATH, it is gonna take time. In long-term I am definitely long on BTC. Don't forget that it is not the first time that BTC bubble happened. It happens again and again, but in longterm it keeps growing. I hope my answer was helpful!:)