Quite simply put, we have a chance to breakout in both directions of this pennant...
if we do breakout towards the upside, then we will have a tough time breaking through the fibonacci resistance based around the $13,400 to $13,700.
However!!!! If we do break through this level of resistance our next stop could be anywhere between $14,500 and $16,700
if we break towards the downside, we will seek support between $12,400 to $12,500
A retracement is never a bad thing, and is actually very healthy for Bitcoin to be able to reset indicators to give us more room to run towards the upside.
If $12,000 is lost, then we will fall much much further, Likely towards the 0.5 fibonacci level roughly around $11,400 to $11,500
if we do breakout towards the upside, then we will have a tough time breaking through the fibonacci resistance based around the $13,400 to $13,700.
However!!!! If we do break through this level of resistance our next stop could be anywhere between $14,500 and $16,700
if we break towards the downside, we will seek support between $12,400 to $12,500
A retracement is never a bad thing, and is actually very healthy for Bitcoin to be able to reset indicators to give us more room to run towards the upside.
If $12,000 is lost, then we will fall much much further, Likely towards the 0.5 fibonacci level roughly around $11,400 to $11,500
Comment:
After having this breakout follow through, we have now met the predicted target for the breakout,
BTC will either need to cool off for a few days to let the indicators reset,
or to just rampage and disregard any technicals.
If this happens i feel like we will have some heavy resistance awaiting us at $14,000...
Reason for this level will be because it is a nice big psychological number, also that will be the top of the Fibonacci golden pocket.
This Analysis has been concluded! Thanks for viewing! And we will see you in the next one
BTC will either need to cool off for a few days to let the indicators reset,
or to just rampage and disregard any technicals.
If this happens i feel like we will have some heavy resistance awaiting us at $14,000...
Reason for this level will be because it is a nice big psychological number, also that will be the top of the Fibonacci golden pocket.
This Analysis has been concluded! Thanks for viewing! And we will see you in the next one
It seems like the correlation to stocks is still very much there....
It looks like it has broken down, and is confirming the breakdown at a retest of the rising support become resistance. The Volume was also pretty significant to confirm the breakout being worthy
lets see if Bitcoin can get back into the pennant to make another move towards the upside. otherwise we could very well meet the downwards target of $12,400