BTCUSDT rejected the resistance price @ 52,000 since the beginning of the month and since then came down to 40500 to form a support. Price still holding at that support area (40500/39600)and from a bigger picture on the Daily TF, we can spot a bullish continuation flag pattern.
Price has been under pressure in the support area and showing us that the bulls are still trying to hold the position. If it can be sustained, then we might likely experience the length of the pole of the flag upward to 55000 first to break 52500 resistance and then to the next price action at 65000.
We approaching the last quarter of the year and there is likely going to be a bull run.
This is my bias.
Please comment and share your ideas.
Price has been under pressure in the support area and showing us that the bulls are still trying to hold the position. If it can be sustained, then we might likely experience the length of the pole of the flag upward to 55000 first to break 52500 resistance and then to the next price action at 65000.
We approaching the last quarter of the year and there is likely going to be a bull run.
This is my bias.
Please comment and share your ideas.
Comment:
We are at the decision point guys.
Would Price break above 52750.
We need price to get to 55,000 and close to be sure of 65000.
Would Price break above 52750.
We need price to get to 55,000 and close to be sure of 65000.
Comment:
We might face retracement on BTC.
3 scenarios can play; a retracement to 52500 or a range towards the trend line and a drop to 50,000/48500
Before bulling up to 65000/75000 major levels
These are the fib levels on the dailyTF. Plus the candlestick info at the current price zone on the daily shows sellers gaining the hands over the bulls. We have an inside man from yesterday and today might just end with the hammer.
Generally, we are strongly bullish. why? Because the market has given us an HH@55500 so it's only expected to give us an HL to complete the structure.
So let us be on guard. It is up to you to sell or hold through the retrace.
This is just my technical bias
3 scenarios can play; a retracement to 52500 or a range towards the trend line and a drop to 50,000/48500
Before bulling up to 65000/75000 major levels
These are the fib levels on the dailyTF. Plus the candlestick info at the current price zone on the daily shows sellers gaining the hands over the bulls. We have an inside man from yesterday and today might just end with the hammer.
Generally, we are strongly bullish. why? Because the market has given us an HH@55500 so it's only expected to give us an HL to complete the structure.
So let us be on guard. It is up to you to sell or hold through the retrace.
This is just my technical bias
Trade closed: target reached:
65k Target reached! follow the other article for update on the next move.
Hodl guys.