Tested & bounced off 100 EMA & Trend Line
Waiting for daily close above 0.786 Fib Line to confirm if Bulls are in control
MACD & RSI breakout
(May need to retest 100 EMA & trend-line before any more upside momentum)
Below 20 & 50 EMA
Trend-line broken towards the downside within the triangle
If Daily candle closes below the...
Support at the 0.618 Fib Level ($9500 region)
Resistance level 1 : 0.50 Fib Level ($11500 region)
Resistance level 2 : 0.382 Fib Level ($13500 region)
Next Bullish target will be the 0.236 Fib Level ($16000 region) if the triangle is broken towards the upside.
Next Bearish target will be the $8400 region if the triangle is broken towards the downside.
BTC Dominance shows Bearish Divergence on the Daily/RSI (also overbought) & MACD
Resistance at the 0.382 Fib level
At the top/resistance of Channel..
A lot of signs pointing towards the downside on this one.
Bitcoin failed to sustain support at the 0.50 Fib level after it rose & tested the 0.618 fib line
However, we are still above the 20, 50, 100, & 200 EMA on the Daily Chart
I believe Bitcoin will retrace back within the triangle and first test support at the 0.382 Fib line ( or 20 EMA)
If that support is broken, expect a downwards movement towards the 0.236 Fib...
As foretold in my previous analysis, Bitcoin broke out of the descending triangle towards the upside, hitting the first line of resistance just above the 0.5 Fib level.
What we can expect now is a quick correction towards the 10.8k - 10.2k level as this is the next support region. However, If that support is broken, expect BTC to correct back down to the 9.5k...
On my previous chart I mentioned that we could expect BTC's next line of support around the 9300-9400 level (or 0.618 Fib) which touched down perfectly.
We could expect price to go as low as the 8800 region making contact with the 100 EMA if it continues to move towards the downside. But looking at the Daily Chart & reading the news that the bank of China is...
Although we have seen BTC test certain important support levels, overall I believe we are still looking bullish. Corrections are normal and we are currently forming a descending triangle, tested 50 EMA on daily, next resistance at 0.50 Fib Line. If triangle is broken towards the down side, expect next support around 9300-9400 level (or 0.618 Fib). If Bitcoin...