We have a strong support that has hold the price action 3 times in the last 6 months (July 2017, September 2017 and February 2018).
This support seems strong and BTC will difficultly fall below this support.
We have as well a descending channel that is still in play and we are approaching the resistance of it. This resistance matches as well the upper...
0.718 Fibonacci level from last bull trend ($5.5k to $20k) is $8.5k.
Historical trend tine support (yellow line) matches Fib 0.718 at $8.5k.
5th Elliott Wave supposed to happen to finish the cycle and shift to new bull trend.
$8.5k is likely to be tested before BTC can move to new highs.
If price action breaks the trend tine resistance...
BTC is at a crossroad between two important trend lines (one sharp resistance and one strong support).
The crossing point of these two trend lines is close from the Fibonacci 0.236 level which is $14,255.
Watching this crossing point is crucial and a break to the upside or the downside could lead to a bullish or a bearish tendency for the next few days.
1) Grey Fibonacci low to high of the last bull run on the daily chart ($5,500 to $20,000)
2) Teal Fibonacci high to low of the last down trend on the 4h chart ($20,000 to $12,700)
- $14,411 is commun to both Fibs (strong support)
- $17,168 is the 0.618 retracement of the Teal Fib and has been acting as a resistance twice already. Breaking this resistance will...
A bullish trend line is forming on the hourly chart.
As long as this support is holding, the bull trend will continue.
If candles start to close bellow this support, we could see a shift in the market happening.
MA200 is acting as a strong dynamic resistance on the hourly chart. This resistance is also matching with the 0.618 Fibonacci retracement level.
The $15,460 - $16,270 zone is key to see if the correction will continue or if the bull trend is back for good.
A wedge is forming on the hourly chart.
Wedges can be bullish or bearish, therefore price action should be carefully watched until the end of the wedge to see if the breakout is happening upward or downward.
A clear ascending triangle is forming on the 4h chart (bullish sign).
Price action should be carefully watched from now to December 17th (end of the triangle) to see if a break to the upside is happening.