BTC has broken out of a channel and retested the
breakout. Currently it is moving up supported by a
trendline. The nearest target lays at 65350 which
is the new Monthly R1 which is in confluence with
the Weekly R2. The target of the Channel/Flag
pattern stands at 69000.
However, if price breaksdown below the trendline
we might see a deeper fall towards the major
support level at 55200, which is new and untested
Monthly Pivot Point. This would take price inside of
the channel and like also retesting the Kumo Cloud.
If price close and hold inside of the Channel, the
breakout will be negated and price may keep falling
towards the lower end of it.
Currently price is pushed into the end of a rising
wedge, formed by the trendline and the Weekly R1.
A resolution of the situation is imminent.
Also worth noting, which has bias to the upside is
the bullish MACD cross on the Daily Timeframe
which may add fuel to the upside.
breakout. Currently it is moving up supported by a
trendline. The nearest target lays at 65350 which
is the new Monthly R1 which is in confluence with
the Weekly R2. The target of the Channel/Flag
pattern stands at 69000.
However, if price breaksdown below the trendline
we might see a deeper fall towards the major
support level at 55200, which is new and untested
Monthly Pivot Point. This would take price inside of
the channel and like also retesting the Kumo Cloud.
If price close and hold inside of the Channel, the
breakout will be negated and price may keep falling
towards the lower end of it.
Currently price is pushed into the end of a rising
wedge, formed by the trendline and the Weekly R1.
A resolution of the situation is imminent.
Also worth noting, which has bias to the upside is
the bullish MACD cross on the Daily Timeframe
which may add fuel to the upside.