Let's get direct to the chart!
We can observe that a bullish pennant is forming which suggest that a breakout getting ready. Or is it? BTC is actually giving mix signals and it is very confusing which require us to observe BTC movement very closely for the next few days.
Keep a close attention on the supports $7800-$7700, if this breaks, we could see a big drop towards $7200-$6800-$6400 level.
BTC has been persistently retesting the resistances (~$8200) and now (~$8000) but failed.
If BTC manages to break the resistances line, we could see a big rally up to $8500-$8900-$9500.
So the plan for now is to wait for a breakout and enter the trade after the pull back.
Breakout levels to pay attention:
- $7700 if broken down = retracement to $7200-$6800-$6400
- $8000 if broken up = rally up to $8500-$8900-$9500
We can observe that a bullish pennant is forming which suggest that a breakout getting ready. Or is it? BTC is actually giving mix signals and it is very confusing which require us to observe BTC movement very closely for the next few days.
Keep a close attention on the supports $7800-$7700, if this breaks, we could see a big drop towards $7200-$6800-$6400 level.
BTC has been persistently retesting the resistances (~$8200) and now (~$8000) but failed.
If BTC manages to break the resistances line, we could see a big rally up to $8500-$8900-$9500.
So the plan for now is to wait for a breakout and enter the trade after the pull back.
Breakout levels to pay attention:
- $7700 if broken down = retracement to $7200-$6800-$6400
- $8000 if broken up = rally up to $8500-$8900-$9500
BTC tested the suppport $7850 once and BOOM, as expected, breakout with good volume. The first breakout candle closed at after almost $600 up.
As for now, we'll see BTC heading to $9300 level since not much of a resistance now, maybe at $8900 but I think it would be easily broken.