BTC just keeps defying the odds! Not too long ago we saw the gravestone doji on a TD 9 (4 hour) showed up but there was no downward confirmation on the next candle but instead got a bullish confirmation on the next candle (TD 1) since it closed higher than the previous one and therefore we went higher! Couple candles back we saw a long-legged doji of indecision but the decision was made to go higher!!
We are in a bullish bias right now and price would likely break 16k again once it breaks the next fib resistance level and then it's pretty much clear to 20k! If price actions fails the breakout at 16k, then we will likely retrace to fib .786. There's very strong support at fib level .382 so we're likely not going to see prices under 11.5k for a long time ...
Disclaimer: This idea has been prepared solely for information purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any cryptocurrency or to participate in any particular trading strategy. The idea presented here is for general information purposes only.
Great chart. Thanks for the analysis. BTC strength likely to continue as retail jumps on and, while no institution will confirm, they are buying too in advance of futures. As I was reading your chart BTC went above 16K with strength - 20K before end of year is a real possibility.