CURRENTLY, BITCOIN IS AT A CRUCIAL POINT. WE DID FIND SUPPORT ON THE LAST ZONE AND GOT THROUGH THE 0.5 FIB LVL. THE 0.5 FIB LVL HAS PROVIDED A LOT OF RESISTANCE AND SUPPORT IN THE PAST WEEKS. BUT WE ARE NOT OUT OF THE WOODS YET. ABOVE US THERE IS A LOT OF RESISTANCE. STARTING WITH THE RESISTANCE LINE 1 AROUND 11500 $. THEN WE HAVE THE TWO TRENDLINES OF THE ASCENDING TRIANGLE, WHERE WE GOT REJECTED THE PAST DAYS. WE ALSO HAVE THE SECOND LARGE RESISTANCE LINE AROUND THE PRICE OF $12000. FINALLY WE HAVE THE LAST RESISTANCE LINE AROUND $12100, WE HAVE NOT SUCCESSFULLY BREAKTHROUGH THIS AND CHANGE IT INTO SUPPORT.
WHAT WE ALSO MUST NOT FORGET IS THAT WE ARE CURRENTLY IN A DESCENDING CHANNEL. THIS HAS NOT YET BEEN BROKEN. WE ARE ALSO MOVING BETWEEN 50 MA AND 200 MA. FINDING AN OUTBREAK ABOVE THE 50 AND 200 MA AND FLIP IT TO SUPPORT, COULD BE POSITIVE. HOWEVER GETTING AN REJECTION FROM THE 50 AND 200 MA COULD GET US BACK TO THE LAST ZONE OF SUPPORT. THIS COULD BE BEARISH IN THE SHORTTERM. THE MORE YOU TEST A ZONE, THE LARGER THE CHANCE THAT THIS ZONE WILL BE BROKEN. IN THAT CASE WE COULD SEE A PRICE TARGET AROUND THE $10500.
ON THE OTHER SIDE IF WE CAN BREAK ALL THIS RESISTANCE. WE CAN EXPECT A PRICE TARGET OF $13,300 TO $14,000. ONLY TIME WILL TELL US.
WHAT WE ALSO MUST NOT FORGET IS THAT WE ARE CURRENTLY IN A DESCENDING CHANNEL. THIS HAS NOT YET BEEN BROKEN. WE ARE ALSO MOVING BETWEEN 50 MA AND 200 MA. FINDING AN OUTBREAK ABOVE THE 50 AND 200 MA AND FLIP IT TO SUPPORT, COULD BE POSITIVE. HOWEVER GETTING AN REJECTION FROM THE 50 AND 200 MA COULD GET US BACK TO THE LAST ZONE OF SUPPORT. THIS COULD BE BEARISH IN THE SHORTTERM. THE MORE YOU TEST A ZONE, THE LARGER THE CHANCE THAT THIS ZONE WILL BE BROKEN. IN THAT CASE WE COULD SEE A PRICE TARGET AROUND THE $10500.
ON THE OTHER SIDE IF WE CAN BREAK ALL THIS RESISTANCE. WE CAN EXPECT A PRICE TARGET OF $13,300 TO $14,000. ONLY TIME WILL TELL US.