BTCUSD a comprehensive short, mid and long term analysis

Short term analysis:
At the moment, the formation of an ascending wedge is happening. The price is inside of the template and moves to the lower edge of it which is located around $6550. The price can bounce from this point, moving to the resistance of $6780, in case of overcoming it there will be a chance to get an impulse breakthrough into the range of $6890-7000 (where it will meet the stronger resistance).

Bears could not have decreased the price to a lower range since yesterday. However the price is in the red Ichimoku cloud and should move to the lower edge of it according to indicators. if it happens the market is fixed below the wedge level breaking it down and below the level of $6500, which will start a correction wave. The nearest support in case of a fall will be at the level of $6300.

Our analysts team thinks that a correction scenario is more likely to happen.


Mid term analysis:
The outlook for the next few days for Bitcoin may look like this. The BTC value will reduce due to the formation of an ascending wedge, which will act like a correction of the breakdown of the descending wedge with a subsequent increase to the resistance level.

Global view on Bitcoin. Considering the 1-month scale, it can be seen that the price heads to the resistance of 0.5 Fib level which is around $10900 according to our previous analysis
In case of breaking long term pattern and subsequent fall through support level in the short and mid term the price will meet Fib 0.786 level which is near $5800 and will act as the main support of the asset for the period of corrective declines.

Trade active:

After today's pump it seems BTC feels confident for a growth wave and the price goes to the resistance level of $6987. At the moment the price is near with the bottom of the ascending wedge and bounces to its top. Reaching the strong resistance of mentioned level can finish the pattern and the price witll significantly drop, however it is still possible that BTC will ignore this formation like many times before and will be suddenly pumped again.

We do not recommend to open any new Short positions at BitMEX now as it is too risky BTC moves up in a sudden manner with series of pumps. The previous position was opened just before sudden BTC pump, however we managed to compensate it via new short position before subsequent price decrease and the deal was closed at the breakeven point.

Alts negatively correlate with current BTC movements the highest growth at the whole crypto market belongs to DGB it is 12.8%. Like 3/4 of Alts decreased their value during 24 hours.

We are in a search of a good moment to open a series of profitable signals like it was a week ago. We provided 12 signals and 10 out of them brought like 20-30% profit, only 1 was closed via stop-loss and 1 at the breakeven. We believe quality is better than quantity, so, please, be patient.

Sincerely,
SkyRock Signals team

Trade active:

Price broke through the support level and the bottom line of the ascending wedge. BTC is still above $6 300, but the mentioned pattern has already begun its action and the price moves in a negative scenario.

Periodically there are bounces to local resistance, but the market is too weak and can not overcome them. Most likely, after the next impulse growth, the price will fall in the range of $6 100-6 000.

It can be noticed that it's very difficult to move up for the asset, more chances to go lower. The current area looks dangerous: breaking through the support of $6 100 will send the price to test the level of $5 789 mentioned on the graph.

To reconsider a more optimistic scenario, the asset must overcome the resistance of $6 300 again and consolidate there.