BTC hitting some resistance, but will it last long?
Not too long ago I posted some analysis' where I said there would be upside towards 13k and possibly 14k, but only after some pausing at 12500ish price. This is pretty much what is happening now.
BTC is currently at $12900ish and has paused again due to some resistance of prior 2018 levels from 12475-12986. This is obvious on the 4H candle close where it opened and closed just below the $12986 price proving that there is some selling pressure.
BTC has constantly been pushed upwards by the 2H Yellow 21 EMA (now at $12500), and the 4H Red 10 Simple MA (also at around $12500).
- This would be a point of support, but if it were to break then $12100 would be the next area for support (4H Yellow 21 EMA and the 2H Green 50 EMA).
- The 4H, 12H, Daily and 2D stochs are all positively gaining momentum with plenty of room to still come. If/when the 3D turns to the upside this would definitely imply some further upside.
- The MACD on the 4H, 12H, Daily, 2D and 3D all show strong positive momentum as well.
I am convinced that there is likely to be more upside, this is because BTC is currently between the 0.5 and 0.618 fibonacci levels ($11540 and $13525), after going all the way down to touch the 0.382 ($9555) with strong buying pressure. When price goes down to the 0.382 and surpasses the 0.5 fib, it is highly likely to retest the 0.618 thus suggesting there is still more upside to go and points towards $13500.
- 14k still looks very likely because BTC broke out of a falling wedge/channel with a measure move pointing at 14k. This is just a rough area though, so double-topping at $13800 can still be a possibility.
But if the 12H / Daily candle does not close above $13000 (the candle-high close of 26th June) that would not be good for BTC, because that would show some weakness with continuation of a possible pull-back.
If $13800 becomes a target, be aware because there may be some very strong selling pressure, just be aware of it. But also, if those prices do exceed and BTC starts to close above those prices on most time-frames then who knows where BTC will go.
The support for mid-term would be $12250-12300 as of the previous 12H candle opens. $12100 would line up as the 9th July candle low, if that gets taken out to the downside then BTC is likely to retest $11500, as the daily Red 10 Simple and the 0.5 Fibonacci line up perfectly at that price.
BTC is currently at $12900ish and has paused again due to some resistance of prior 2018 levels from 12475-12986. This is obvious on the 4H candle close where it opened and closed just below the $12986 price proving that there is some selling pressure.
BTC has constantly been pushed upwards by the 2H Yellow 21 EMA (now at $12500), and the 4H Red 10 Simple MA (also at around $12500).
- This would be a point of support, but if it were to break then $12100 would be the next area for support (4H Yellow 21 EMA and the 2H Green 50 EMA).
- The 4H, 12H, Daily and 2D stochs are all positively gaining momentum with plenty of room to still come. If/when the 3D turns to the upside this would definitely imply some further upside.
- The MACD on the 4H, 12H, Daily, 2D and 3D all show strong positive momentum as well.
I am convinced that there is likely to be more upside, this is because BTC is currently between the 0.5 and 0.618 fibonacci levels ($11540 and $13525), after going all the way down to touch the 0.382 ($9555) with strong buying pressure. When price goes down to the 0.382 and surpasses the 0.5 fib, it is highly likely to retest the 0.618 thus suggesting there is still more upside to go and points towards $13500.
- 14k still looks very likely because BTC broke out of a falling wedge/channel with a measure move pointing at 14k. This is just a rough area though, so double-topping at $13800 can still be a possibility.
But if the 12H / Daily candle does not close above $13000 (the candle-high close of 26th June) that would not be good for BTC, because that would show some weakness with continuation of a possible pull-back.
If $13800 becomes a target, be aware because there may be some very strong selling pressure, just be aware of it. But also, if those prices do exceed and BTC starts to close above those prices on most time-frames then who knows where BTC will go.
The support for mid-term would be $12250-12300 as of the previous 12H candle opens. $12100 would line up as the 9th July candle low, if that gets taken out to the downside then BTC is likely to retest $11500, as the daily Red 10 Simple and the 0.5 Fibonacci line up perfectly at that price.
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