BTC Price Action Analysis - Consolidation Before $50k?
Hello, guys!
Let's consider Fibonacci extensions of the current price action. It found resistance at 0.5 Fib ($41381), this is ATH level and when there was a breakout this level is an extremely strong resistance.
Now the price is in range between 0.61 Fib ($44356) and R2 Pivot/0.786 Fib ($48592). There is a consolidation after massive growth which is absolutely normal. It is high probability of ranging continuation between these two levels, or may be pullback to previous ATH before the the next target ($53988) could be reached.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Let's consider Fibonacci extensions of the current price action. It found resistance at 0.5 Fib ($41381), this is ATH level and when there was a breakout this level is an extremely strong resistance.
Now the price is in range between 0.61 Fib ($44356) and R2 Pivot/0.786 Fib ($48592). There is a consolidation after massive growth which is absolutely normal. It is high probability of ranging continuation between these two levels, or may be pullback to previous ATH before the the next target ($53988) could be reached.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Comment:
The price broke the 0.78 Fibonacci extension level. If it is able to find support above it the next target of $53900 can be reached very soon. In case of the fake breakout the price can re-enter in the range between $44356 and $48592 Fib levels.
Comment:
There is a warning sign now for the Bitcoin. The regular bearish divergence between price and oscillator is detected. The price demonstrates higher highs, while the oscillator - lower highs. The potential target of this local bearish move is $44356 before the price can continue the uptrend.
Comment:
The bearish divergence played out, the price dump was to the trend support line. The price today tried to break the $50000 level but this attempt was rejected. Now we can see that the rising narrowing wedge is almost formed on the uptrend. There is high probability of it's breakout to the upside next couple of days. We shoud see a huge volume during this possible breakout.
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