InvestMate|Bitcoin time to break out

💲Bitcoin time to break out

💲The post is a continuation of my thoughts on Bitcoin, this time in a closer perspective.

💲In my opinion we have made the bottom of the current bull market all due to the change in trend on the dollar and the major indices for an elaboration on the topic I refer you to the post above.

💲In my analysis I made use of several technical tools:

💲1. I determined the downtrend channel, the last downtrend implosion from which we broke out at the top

💲2. I measured with the fibo the entire downward wave

💲3. I have measured with the fibo the last correction in the current upward impulse

💲4. I determined the support zone at levels where the price reacted in the past.

💲5. I determined the first resistance zone based on a cluster of two fibo levels. The 0.5 level of the entire downward wave and the 1.272 level of the last correction in the upward impulse.

💲6. I determined the second resistance zone based on the cluster two fibo levels. The 0.618 level of the entire downward wave and the 1.618 level of the last correction in the upward impulse.

💲The scenario I am playing out is to break out first to the first resistance zone and then to the second.

💲I am aware of the fact that there is a likelihood of a retest of the support zone from which a breakout may then follow.

💲*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.

🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀

Comment:

Bottom defended, we are at a key moment on the chart, the 0.618 level of the upward impulse wave from the bottom.