On the 29th of June, Bitcoin has formed a double bottom near $6k key psychological support. At the same time BTC/USD rejected the 4/1 Gann Fan, which also occurred back on the 6th of February, where BTC has rejected 2/1 Gann Fann trendline.
Recently, on the 27th of July, Bitcoin broke above the 200 Moving Average on the daily chart, which is a strong indication of the upside momentum being built. What is also very important is the break above the triangle pattern, which eventually might result in a fast growth.
Going along with the uptrend trendline and 561.8% Fibonacci retracement level, price could jump very soon, reaching $17700 by the end of September. This could be a potential growth of over 100% in less than two month.
Yes, this is a very optimistic scenario, but, it has it's probability which could and should be considered. Nevertheless, it is worth watching few resistance levels of the potential uptrend. First resistance is seen at $10.7k, and second $12.7k. Break above both would be required for the BTC to reached the final upside target at $17.7k.
On a downside, the Bitcoin currently found the support at 200 Moving Average, that has been rejected cleanly few days ago. While the price stays above the $7815, the fast uptrend would have a very high probability. Although break and close this level could result in a correction down prior to moving higher. And finally, only break and close below $5755 would invalidate bullish scenario would would extend the downtrend or a consolidation period.
Recently, on the 27th of July, Bitcoin broke above the 200 Moving Average on the daily chart, which is a strong indication of the upside momentum being built. What is also very important is the break above the triangle pattern, which eventually might result in a fast growth.
Going along with the uptrend trendline and 561.8% Fibonacci retracement level, price could jump very soon, reaching $17700 by the end of September. This could be a potential growth of over 100% in less than two month.
Yes, this is a very optimistic scenario, but, it has it's probability which could and should be considered. Nevertheless, it is worth watching few resistance levels of the potential uptrend. First resistance is seen at $10.7k, and second $12.7k. Break above both would be required for the BTC to reached the final upside target at $17.7k.
On a downside, the Bitcoin currently found the support at 200 Moving Average, that has been rejected cleanly few days ago. While the price stays above the $7815, the fast uptrend would have a very high probability. Although break and close this level could result in a correction down prior to moving higher. And finally, only break and close below $5755 would invalidate bullish scenario would would extend the downtrend or a consolidation period.
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Correction down is possible, lets see if support will hold and uptrend will continue:
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Watch 9k resistance area
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