Bitcoin possible path to $11.5K using Resistance Support levels

BINANCE:BTCUSDT   Bitcoin / TetherUS
Once you map previous key resistance and support levels for BTCUSDT it becomes evident that failure to form Support zone around $9.5K caused Bitcoin to plunge recently.

Currently 0.5 fib level at $8.4K is holding BTC from dropping to the $7.8K Support zone (highlighted in green box) which is also the 0.618 fib level. I would rather like BTC to form a pivot here (highlighted in orange oval) for its next move up to $11.5K and beyond.

BINANCE:BTCUSDT If the 0.5 fib level at $8.4K fails to form a pivot then $7.8K is the next likely candidate. A lot of bids would be stacked here.

Lets hope that Bitcoin takes the path marked with dark green arrows to $11.5K and beyond !
Trade active: Update -
BTC has just begun to follow the path marked by dark green arrows on the chart.

We have moved up slow and steady from the 0.5 fib level at $8.4K. Oscillators are now turning favourable for Longs. Bulls would now need to break above the $9.3K to $9.5K Resistance zone and hold it as Support this week.
Trade active: Bitcoin almost touched $9.2K but could not follow through to $9.5K as momemtum faded. With the downward orange channel still intact, we could follow the orange arrow to test $7.8K support zone next.
Trade active: OPEC + oil update from yesterday has caused ripple effect across all markets including crypto currency BTC
$7.8K zone needs to now hold as support. $8K is being tested now.
Trade closed: stop reached: This idea failed miserably once the $7.6K to $7.8K support was lost. Time to publish new idea soon.


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