Bitcoin in this current weekly is looking bullish. Firstly, last week closed above key areas of resistance ($9600) and it currently is breaking the 0.5 fib level.
This close has led BTC to now, where it has backtested previous resistance at 9600 and so far has bounced off of it. This is bullish behaviour and likely means higher price targets are going to be met within this/next week.
I am not going to have a full in-depth analysis, but to sum it up:
- Daily golden cross of 55 and 200EMA's.
- Monthly had extremely positive close.
- 3D and Weekly stochs are positive, and RSI looking strong with much fuel to go.
- Key areas have been broken and BTC is above all major moving averages on the weekly, but also ALL higher time frames.
Based on some key zones some of my targets are:
- The $10600-10900 zone (blue box). This confluent with the 0.618 golden zones as well.
- On a longer-term note, $11500 would be the next key area as BTC did not manage to close any weekly above this price last year... This is also lining up nicely with a trend line from 2017 ATH's and 2019 highs, this providing some resistance for BTC (orange diagonal trend line).
Last year in October I explained how the Monthly is following similar patterns to the previous history. You can have a look at the related idea for it down below :)
Thanks for reading! Let me know your own ideas below.
This close has led BTC to now, where it has backtested previous resistance at 9600 and so far has bounced off of it. This is bullish behaviour and likely means higher price targets are going to be met within this/next week.
I am not going to have a full in-depth analysis, but to sum it up:
- Daily golden cross of 55 and 200EMA's.
- Monthly had extremely positive close.
- 3D and Weekly stochs are positive, and RSI looking strong with much fuel to go.
- Key areas have been broken and BTC is above all major moving averages on the weekly, but also ALL higher time frames.
Based on some key zones some of my targets are:
- The $10600-10900 zone (blue box). This confluent with the 0.618 golden zones as well.
- On a longer-term note, $11500 would be the next key area as BTC did not manage to close any weekly above this price last year... This is also lining up nicely with a trend line from 2017 ATH's and 2019 highs, this providing some resistance for BTC (orange diagonal trend line).
Last year in October I explained how the Monthly is following similar patterns to the previous history. You can have a look at the related idea for it down below :)
Thanks for reading! Let me know your own ideas below.
Comment:
This idea is based on the weekly, not short time frames. Please keep this in mind.
