Hello crypto friends,
As Bitcoin consolidates in a falling wedge pattern, which usually, but not always, breakouts to the upside, we see a strong convergence on different oscillators.
RSI and Bill Williams Awesome Oscillator show convergence of the price moving to the downside and indicators moving upside. Such action usually tells us about trend reversals which might happen in the future. Concerning the fact that price is moving an a falling wedge with convergence gives a good chance of a quick move up.
But how far can Bitcoin grow in that local uptrend?
First strong resistance will be in a 9.5K area which corresponds to 0.382 Fib Retracement level. Advice for traders: the biggest share of profits should be fixed at this level to enter a break-even position.
If BTC can break 9.5K level then our next targets will be at 10K and 11K levels which correspond to 0.5 and 0.618 Fib Retracement levels.
What will happen next the price will tell.
This idea is not a financial advise, but you probably know that already ;)
As Bitcoin consolidates in a falling wedge pattern, which usually, but not always, breakouts to the upside, we see a strong convergence on different oscillators.
RSI and Bill Williams Awesome Oscillator show convergence of the price moving to the downside and indicators moving upside. Such action usually tells us about trend reversals which might happen in the future. Concerning the fact that price is moving an a falling wedge with convergence gives a good chance of a quick move up.
But how far can Bitcoin grow in that local uptrend?
First strong resistance will be in a 9.5K area which corresponds to 0.382 Fib Retracement level. Advice for traders: the biggest share of profits should be fixed at this level to enter a break-even position.
If BTC can break 9.5K level then our next targets will be at 10K and 11K levels which correspond to 0.5 and 0.618 Fib Retracement levels.
What will happen next the price will tell.
This idea is not a financial advise, but you probably know that already ;)
Comment:
Fibonacci Retracement levels calculated from the 13880 top to the 7285 bottom:
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As you can see similar convergence played well previously:
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There is still some room to the downside to complete ABC correction:
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All oscillators show convergence with price - reversal is coming: