Hello, Traders!
BTC’s huge move above the significant $10500 USD resistance level, has created some breathing space for BTC. This gap between BTCs current price and the next resistance level should allow BTC to grow further.
Another way showing that BTC is free to move higher with little resistance is through the Gann fan. The Gann fan below originated in June 2019 and has provided support and resistance numerous times since its creation.
BTC has clearly moved away from the downwards trend from which this fan originated, however, it is still applicable. As shown with BTCs recent sideways trading period the Gann fan provided resistance in the 2/1 region. The 4/1 level than provided support for BTCs to move up in recent days.
The next major resistance level is at $12316 USD. Once BTC reaches around the $12000 USD level there will be resistance from the Gann fan, R4 pivot point, and the Fibonacci trend-based extension.
Once this level is reached BTC could likely see a healthy retracement, probably towards the central or top line of the KC (Keltner Channels). However, before this, a move towards $12000 USD would represent a substantial 6% increase from our current prices.
The bullish momentum is currently with Bitcoin. The break above $10500 USD after such a long rally from $3500 USD is spectacular, the cryptocurrency space is certainly bullish currently.
A good year for BTC!
Watch out for the market and please share your thoughts on the analysis in the comments!
BTC’s huge move above the significant $10500 USD resistance level, has created some breathing space for BTC. This gap between BTCs current price and the next resistance level should allow BTC to grow further.
Another way showing that BTC is free to move higher with little resistance is through the Gann fan. The Gann fan below originated in June 2019 and has provided support and resistance numerous times since its creation.
BTC has clearly moved away from the downwards trend from which this fan originated, however, it is still applicable. As shown with BTCs recent sideways trading period the Gann fan provided resistance in the 2/1 region. The 4/1 level than provided support for BTCs to move up in recent days.
The next major resistance level is at $12316 USD. Once BTC reaches around the $12000 USD level there will be resistance from the Gann fan, R4 pivot point, and the Fibonacci trend-based extension.
Once this level is reached BTC could likely see a healthy retracement, probably towards the central or top line of the KC (Keltner Channels). However, before this, a move towards $12000 USD would represent a substantial 6% increase from our current prices.
The bullish momentum is currently with Bitcoin. The break above $10500 USD after such a long rally from $3500 USD is spectacular, the cryptocurrency space is certainly bullish currently.
A good year for BTC!
Watch out for the market and please share your thoughts on the analysis in the comments!