BTC : Will the price fill the empty space?
Absolutely interesting which we are seeing the pattern which occurs on the bitcoin right now. Previous anticipated major support zone at $20000 has shown us that the base level of support is very solid as we are seeing the price spikes higher right after it touched this support zone.
Continuing previous analysis which we anticipated the trend line which is now becoming a resistance trend line is having an important role on current structure. Just like what we see, the price creates a huge upside wick right after it comes near the resistance trend line. With this kind of wick to the upside, it looks like that the phase 2 of retesting previous broken support turn into resistance is nearly complete.
What's more important is that the price is now starting to fill the empty space that is created by the bearish candlestick on September 13th. And if we see the structure as guidance, the price is having possibility to have another spike up looking for relief rally at the .786 Fibonacci retracement level.
We think that the bulls are now starting to lose the momentum with this current wick but there is possible one more wick to the area of $21800 range to wipe out the short once again before it performs major drop to the downside to fill the liquidation zone.
Continuing previous analysis which we anticipated the trend line which is now becoming a resistance trend line is having an important role on current structure. Just like what we see, the price creates a huge upside wick right after it comes near the resistance trend line. With this kind of wick to the upside, it looks like that the phase 2 of retesting previous broken support turn into resistance is nearly complete.
What's more important is that the price is now starting to fill the empty space that is created by the bearish candlestick on September 13th. And if we see the structure as guidance, the price is having possibility to have another spike up looking for relief rally at the .786 Fibonacci retracement level.
We think that the bulls are now starting to lose the momentum with this current wick but there is possible one more wick to the area of $21800 range to wipe out the short once again before it performs major drop to the downside to fill the liquidation zone.
