Bitcoin has reached a very important level. 16-16.5k lines up with multiple factors which should be given due consideration.
Historically this level has acted as support and resistance. As we are under it, heavy resistance should be expected all the way up to 17-17.5k until we backtest once over it and it acts as support.
Do not get caught in the trap that a new ATH is guaranteed, many people will look to take profits all the way up from this point.
Additionally BTC has now completed a gartley pattern ranging from the ATH at 20k all the way to a few days ago, a significant correction is needed to propel this to a butterfly where 20k, 25k and 30k are our upside targets.
Should the gartley pattern hold true, then downside targets start at 13.9k, 13.6k and 12.7k.
We have not broken the long term upside support line yet, but have broken out of our ascending channel to the downside.
Accordingly the bull-bear line is 16218.5 expect a retest of this level. A failure to take it on the retest would be a very strong sell signal, if we get above it and hold this line on a backtest it would be a very strong buy signal.
Trade safe!
Historically this level has acted as support and resistance. As we are under it, heavy resistance should be expected all the way up to 17-17.5k until we backtest once over it and it acts as support.
Do not get caught in the trap that a new ATH is guaranteed, many people will look to take profits all the way up from this point.
Additionally BTC has now completed a gartley pattern ranging from the ATH at 20k all the way to a few days ago, a significant correction is needed to propel this to a butterfly where 20k, 25k and 30k are our upside targets.
Should the gartley pattern hold true, then downside targets start at 13.9k, 13.6k and 12.7k.
We have not broken the long term upside support line yet, but have broken out of our ascending channel to the downside.
Accordingly the bull-bear line is 16218.5 expect a retest of this level. A failure to take it on the retest would be a very strong sell signal, if we get above it and hold this line on a backtest it would be a very strong buy signal.
Trade safe!