PurseLance

BTC weekly chart. time to go long for the long term

Long
KRAKEN:XBTUSD   Bitcoin / U. S. Dollar
On the weekly BTCUSD chart we notice that there is a high chance we wont see much of a drop in price anymore,
and need to consider the current dip as a buying opportunity.
We do note, however, that to fully confirm the uptrend since 3120 low, we need to see a higher high above 14k .
The rising support level is being tested right now. The falling resistance has been broken in July, and hopefully will be left behind.
8600 seems like an appropriate level for a stop loss. 14k is a good target to take portions of the profits.
new all time high around 23-24k could be a good final target for taking profits and/or selling opportunity.

Note:
In the FIbonnaci extention analysis we de-emphasized the pandemic related drop in price, considering it an unusual one-time event.