BITCOIN (BTC/USDT): Possible short-term scenarios based on fans
BTC is likely to reach 11400 usd levels and from there try to test again the long term Fibo fan line which has already been a support in the last weeks. From this point a bullish run (with a probable breakout of the downtrend line) is likely, which would confirm a short term bullish scenario.
On the other hand, there is an even more feasible alternative which would drive price to reach 7700-7900 level where the main max-min line of the short term Fibo fan and the down trendline converge. The Fibonacci fan shows an accurate behaviour if the low is located there, so there is a high probability for this to occur as well.
Immediate key levels: 11500 usd, and from there 9900-10000 usd.
On the other hand, there is an even more feasible alternative which would drive price to reach 7700-7900 level where the main max-min line of the short term Fibo fan and the down trendline converge. The Fibonacci fan shows an accurate behaviour if the low is located there, so there is a high probability for this to occur as well.
Immediate key levels: 11500 usd, and from there 9900-10000 usd.
Trade closed: target reached:
Finally BTC bounced a bit earlier than expected, at 7900 zone. Congratulations if you were able to buy at this level!!