Hello friends i want today to talk about my analysis on BTCUSD on 2W timeframe chart.
-BTCUSD is consolidating in 9k to 10k range for @ 38 days already testing this trendline for the second time since the top in 2017.
-The horizontal area 10.5k -10k is also acting as a resistance, so we have a strong confluence between these two long-term resitances, and also 0.702 fibonacci level which makes unlikely in my opinion that we will break to the upside now without a correction.
- A pullback to 6.4k-7.4k range will be a perfect area for a correction and from there bulls should be able to test trendline resitance and break it and also the 10.5k area to set a higher-high and end at least from technical perspective this bear-market.
* If you enjoyed my analysis, please leave a like and follow me*
-CryptonikLion
-BTCUSD is consolidating in 9k to 10k range for @ 38 days already testing this trendline for the second time since the top in 2017.
-The horizontal area 10.5k -10k is also acting as a resistance, so we have a strong confluence between these two long-term resitances, and also 0.702 fibonacci level which makes unlikely in my opinion that we will break to the upside now without a correction.
- A pullback to 6.4k-7.4k range will be a perfect area for a correction and from there bulls should be able to test trendline resitance and break it and also the 10.5k area to set a higher-high and end at least from technical perspective this bear-market.
* If you enjoyed my analysis, please leave a like and follow me*
-CryptonikLion