Heres my thoughts...
Bitcoin has had an expected bounce from a powerful confluence of 3 things.
1: The longterm trend line, in dark orange, that goes back to 2015!
2: The Golden Fibonacci Pocket of 61.8 (See blue rectangle box with yellow borders)
3: The mid term channel edge BTC seems to be in right now.
This is encouraging.
If Bitcoin can hold the yellow line that started the rise early this year we could see a breakout by June 2020 at around $10,000.
However, if Bitcoin can get above the 21 week MA, in Blue and stay above it, as in other bull markets, that is a very strong sign for Bitcoin moving forward, and we could see a breakout sooner.
But if Bitcoin breaks down again below the orange multi year trend line, we will need to wait, most likely another 6 months later for a breakout in late December 2020 when BTC prices could be at around $9500.
If you found any of this useful, a like or comment would be much appreciated!
Bitcoin has had an expected bounce from a powerful confluence of 3 things.
1: The longterm trend line, in dark orange, that goes back to 2015!
2: The Golden Fibonacci Pocket of 61.8 (See blue rectangle box with yellow borders)
3: The mid term channel edge BTC seems to be in right now.
This is encouraging.
If Bitcoin can hold the yellow line that started the rise early this year we could see a breakout by June 2020 at around $10,000.
However, if Bitcoin can get above the 21 week MA, in Blue and stay above it, as in other bull markets, that is a very strong sign for Bitcoin moving forward, and we could see a breakout sooner.
But if Bitcoin breaks down again below the orange multi year trend line, we will need to wait, most likely another 6 months later for a breakout in late December 2020 when BTC prices could be at around $9500.
If you found any of this useful, a like or comment would be much appreciated!