Hello traders, here's a market breakdown of BTC : USD on the weekly time-frame.
If you checked our XRP:USD analysis you can already tell we have a similar situation with Bitcoin.
BTC absolutely rocketed from the 6500 level all the way up to 10500 during the bullish rally that we anticipated this January.
Since reaching the 10500 level BTC has been consolidating in-between this level and the 9300/9500 support which also correlates with the descending trend line that has finally been broken during this upside rally.
As mentioned on the XRP:USD analysis, BTC is currently being traded in a key decision level. In order to confirm the next possible target we should be closely monitoring the 9300/9500 support.
If we maintain to stay above the trend-line / support level, BTC will confirm a textbook like l "breakout - retest - bullish-continuation" which could result with another push higher towards the likes of 10500 or even extend all the way up to 11000.
However keep in mind that we are still in a crucial level of support, if BTC breaks and closes below the trend-line, it will invalidate the breakout (turning it into a fake-out). This downside push could result with BTC free-falling all the way down to 8000 before any reversals take place.
If you checked our XRP:USD analysis you can already tell we have a similar situation with Bitcoin.
BTC absolutely rocketed from the 6500 level all the way up to 10500 during the bullish rally that we anticipated this January.
Since reaching the 10500 level BTC has been consolidating in-between this level and the 9300/9500 support which also correlates with the descending trend line that has finally been broken during this upside rally.
As mentioned on the XRP:USD analysis, BTC is currently being traded in a key decision level. In order to confirm the next possible target we should be closely monitoring the 9300/9500 support.
If we maintain to stay above the trend-line / support level, BTC will confirm a textbook like l "breakout - retest - bullish-continuation" which could result with another push higher towards the likes of 10500 or even extend all the way up to 11000.
However keep in mind that we are still in a crucial level of support, if BTC breaks and closes below the trend-line, it will invalidate the breakout (turning it into a fake-out). This downside push could result with BTC free-falling all the way down to 8000 before any reversals take place.
