As we all may know, Bitcoin is a highly volatile currency but regardless of its volatility it respects technical analysis better than fiat currencies in my opinion. BTC has for the past week respected a bullish trendline after dropping almost 70% in value. The reasons which I rely my bullish bias on are the following:
-Weekly Morning Star formed between mid-January and mid-February
- Morning Star former on the Daily Timeframe at a major level of support and also respected the 38.2% Fibonacci Level on the Daily timeframe
-Bullish Trendline Bounce
- Currently retesting bearish trendline break on 4hr
- Daily MAs indicating Bullish momentum
I will hold my long position until the $13000 and $15000 is reached both which I have obtained due to confluences between Fib extension levels, major key levels and bounce points from bearish trendline
BTCUSD
-Weekly Morning Star formed between mid-January and mid-February
- Morning Star former on the Daily Timeframe at a major level of support and also respected the 38.2% Fibonacci Level on the Daily timeframe
-Bullish Trendline Bounce
- Currently retesting bearish trendline break on 4hr
- Daily MAs indicating Bullish momentum
I will hold my long position until the $13000 and $15000 is reached both which I have obtained due to confluences between Fib extension levels, major key levels and bounce points from bearish trendline
BTCUSD
GM