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Bitcoin is currently trending above the broken resistance of the golden pocket zone which is around $10400 region. The price looks strong and we have those volume needed on the market capitalization. However, currently the price is entering a short term potential of accumulation zone.
The next playable resistance is at the $12000 region (blue region) which is the .786 fib level. Just like what you've known, the .786 fibonacci level is the last level of the fibonacci retracement which it usually becomes a huge resistance / support zone as well. Beside that, the.786 fibonacci level is also called the flavor of the year level, which the price will get rejected when it touched this level.
On the other hand, the playable support will be at the white region which is also the golden pocket zone and it's now become the broken resistance which automatically also become a strong support in short term. If the price touches this region in the near future, there is a potential of the phase 2 of break out strategy to occur which is the ideal time for us to enter long position (with a note that the price must hold from further drop).
So, we better keep our patience and stay away from the market right now. It's because currently the price is trending at neutral zone which is the area of uncertainty as well. I'll wait for the price to touch one of those 2 zones mentioned above. If it touches the $12000, I'll come up with the short position (With a confirmation of rejection) but if it touches the $10000, I'll come up with the long position (with a confirmation of bounce).
The next playable resistance is at the $12000 region (blue region) which is the .786 fib level. Just like what you've known, the .786 fibonacci level is the last level of the fibonacci retracement which it usually becomes a huge resistance / support zone as well. Beside that, the.786 fibonacci level is also called the flavor of the year level, which the price will get rejected when it touched this level.
On the other hand, the playable support will be at the white region which is also the golden pocket zone and it's now become the broken resistance which automatically also become a strong support in short term. If the price touches this region in the near future, there is a potential of the phase 2 of break out strategy to occur which is the ideal time for us to enter long position (with a note that the price must hold from further drop).
So, we better keep our patience and stay away from the market right now. It's because currently the price is trending at neutral zone which is the area of uncertainty as well. I'll wait for the price to touch one of those 2 zones mentioned above. If it touches the $12000, I'll come up with the short position (With a confirmation of rejection) but if it touches the $10000, I'll come up with the long position (with a confirmation of bounce).
On the short term basis, the price is trending in the accumulation pattern which is the Symmetrical triangle pattern.
In the next few hours, the price will enter the APEX which is the decision point. Breaking above the resistance trend line will leads the price to the blue region as the target I mentioned previously. Breaks below the support trend line could be a tiny touch toward the white region as the previous broken resistance that is now become support.