Bitcoin has reached the downside target at $7555, that is based on the Fibonacci applied to the ascending channel breakout. However, the price went lower and hit $5900 price. Well, the important aspect is that the weekly closing price remained above that level and after breaking below price went immediately up and for the past few days has been rejected the actual downside target/support at $7555.
Now the final step required by the Bitcoin to confirm the uptrend and this is to close above $8650 level. It is important that the price will close on a Daily timeframe and better on a Weekly. Therefore a weekly close above $8650 should be a long waiting confirmation of the uptrend.
On a downside, break below the $5900 will most likely send price lower to $4000-3800 area and the $7555 support has to be watched for a break below.
I guess I'm the only one here "seeing" a crash pattern which will take BTC down to the 4k area or even lower to the 2.5-3k one. Just look at the weekly chart as well. And then we should expect a longer consolidation phase, without so much volatility. And again, there is no buying volume, if you want BTC to go up and brake resistances you need buyers and they are not in the market yet. Smart money will come in at lower levels. 356B market cap with ~ 42% BTC dominance for me means that the money that is currently in is trapped money from people who bought in very high and traders who are margin trading.
CryptoPAMM
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@andras.boga, why, the only one, there is an arrow down on the chart pointing to 4k
monguilhot
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I know that you arte highly experienced, so, What do you think about these fractals? $7.200/$7.700 is my target!
NikitaVidyaev
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from looking at all the charts out there your seems to be the most accurate imho. However, knowing btc, there is no real way to predict what it is going to do. While I agree with your placement of the key resistance at appro 13700 (50.00% fib), it may just break straight through with a slight pause at that level. Btc has really positioned itself for a massive bull run and I dont see what it's target is.
vagcurry
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@NikitaVidyaev, 50% isnt even a real fib level..hell he didnt even draw the fib right
PCHamamas
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Nice positive comment
CryptoPAMM
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@vagcurry, why don't you teach me the right way :)
CryptoPAMM
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@NikitaVidyaev, with BTC its very easy to predict, as cryptocurrency adoption is booming BTC demand will only grow long term, no guesswork here
TheCryptAlpha
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Not possible
UnknownUnicorn1341494
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according to my intuitive theory,btc should cool at around 5.5k