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BITCOIN The key levels to watch. Pump to $12800 or dump $11100?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This short-term fractal analysis on Bitcoin is based on a combination of MA periods with Fibonacci retracement / extension levels.

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I have used the MA50/ 100/ 200 on the 4H chart. The price is currently rising after a Double Bottom around $11100, following a MA50/100 bearish cross. When this MA50/100 bearish cross occurred in the past on May 25 (A) and June 13 (B), two patterns emerge:

(A) The price broke broke the Resistance (1.000 Fibonacci) and made a High on the 1.3 Fib extension.
(B) The price got rejected on the 0.786 Fibonacci and made a (marginal) low below the 0 Fib.

Currently BTC is about to test the 0.786 Fibonacci. It is obvious that this holds the key, as a rejection there could push the price below the 0.382 Fib and back to the 0 at $11100 as shown on scenario (B). At the same time if the 4H candle closes above the 0.786 Fib, we can see a strong pump above 1 and towards the 1.3 Fib at $12800 as happened on scenario (A).

Which of the two do you think will prevail? Feel free to share your work and let me know in the comments section!

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Comments

Very nice analysis! Here's my reaction to today's plunge in BTC.

+3 Reply
where to after 11100, whats your current stance after the dump?
+3 Reply
TradingShot NICKVASS10
@NICKVASS10, I will update soon.
+3 Reply
Bitcoin Likely Outcome For The Next 6 Months
+3 Reply
TradingShot MartyBoots
@MartyBoots, Excellent piece of work.
+1 Reply
Nice work
+3 Reply
TradingShot MartyBoots
@MartyBoots, Thanks Marty.
+2 Reply
well i think we just got our answer. following you for a while and i gotta say your TA on BTC is spot on. no need to read the rest.
+2 Reply
@famuz, Thanks for the compliment! Indeed today we got the answer...
+1 Reply
Impressive! πŸ’œπŸŽ‰πŸ’œ
+1 Reply
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