BITCOIN Ideal Projection

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Here's my take on an ideal path for BTCUSD in the near future!

We've finally broken out of the parallel channel with a successful retest so bullish momentum is likely to pick up as long as the head and shoulders neckline breaks with a successful retest.

We're holding above the MA(10) and MA(20) very well - this is a strong sign we're heading upwards. But Volume is low so we can't be sure until buying picks up to shoot us through resistance above. If volume doesn't pick up it'll start falling again, probably to make a double bottom with the local low or maybe even test the 100% fib level.

Considering the deep 88.6% fib retracement of the main impulse leg I doubt a bullish leg with an extension more than 113-127% will pull through, but it's possible - we'll have to judge price action at the ATH area.

For now, I'll be keeping a close eye on the charts and will upload new updated analysis very soon, along with analysis for many other crypto's.

FOLLOW FOR LOADS MORE IDEAS, PREDICTIONS AND KNOWLEDGE TO COME! I'll be analysing crypto's and fiat's regularly. I'll also be doing a lot of analysis for stocks very soon!


- Reiss
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