BItcoin: Importnat levels to watch before this date!
Hello all and thanks for your continuous support.
Looking at BTCUSD on the daily timeframe, we see that BTC is still trading inside this big falling wedge channel , but more importantly, the price is now coming very close to the resistance of this channel, which I see as the apex of a descending triangle pattern.
If we take a look at may 9th 2022 price action, we can find similarities between then and what the price is doing now. As such, I believe that within the next 10 days, BTC will have its major move either towards the upside or downside.
$18,600 level has already provided support for numerous times and this is an important support level to keep an eye on. If the price breaks below this level, my next bearish target will be the next psychological level, $13,000. This corresponds with the fib 161.80%.
extrapolate a measured move for this bear flag pattern, we get a bearish target at around $811. This bearish target also corresponds with the fibonacci 161.8% level. And if this level also doesn’t hold then we can go to the bottom of the falling wedge pattern which sits at around $7000.
It is interesting to watch if BTC can break above the $20,500 level and if yes, we will go to the 50% fibonacci level which is at $21454. One way or another bitcoin gan go approximately 50% up or down within the next 10 days. I think before October 20th we will see the major move we all been waiting for.
Thanks for reading, and stay tuned. Enjoy.
Looking at BTCUSD on the daily timeframe, we see that BTC is still trading inside this big falling wedge channel , but more importantly, the price is now coming very close to the resistance of this channel, which I see as the apex of a descending triangle pattern.
If we take a look at may 9th 2022 price action, we can find similarities between then and what the price is doing now. As such, I believe that within the next 10 days, BTC will have its major move either towards the upside or downside.
$18,600 level has already provided support for numerous times and this is an important support level to keep an eye on. If the price breaks below this level, my next bearish target will be the next psychological level, $13,000. This corresponds with the fib 161.80%.
extrapolate a measured move for this bear flag pattern, we get a bearish target at around $811. This bearish target also corresponds with the fibonacci 161.8% level. And if this level also doesn’t hold then we can go to the bottom of the falling wedge pattern which sits at around $7000.
It is interesting to watch if BTC can break above the $20,500 level and if yes, we will go to the 50% fibonacci level which is at $21454. One way or another bitcoin gan go approximately 50% up or down within the next 10 days. I think before October 20th we will see the major move we all been waiting for.
Thanks for reading, and stay tuned. Enjoy.
Comment:
4 or 8 hr chart has formed a symmetrical triangle. the measured bullish move for this pattern gives us a price target at 23k per BTC. Update this on your charts.
Comment:
Price found resistance at the Fib golden pocket and the RSI is in the overbought territory.