BTC Finally Broke My Strong Resistance Area! Next Price Target?
My price target for the 100 MA and 200 MA has finally been hit as represented by the 2 additional yellow stars.
We finally surpassed the strong resistance area represented by the yellow box. As I said before once we pass this area we can retest the 52000 area again. We need to break through 52000 area before we can proceed to my next price target which is just a stone's throw away within the 54700 zone.
My green box area is the 52000 and we can see with the prior price movements that it has touched this zone a couple of times already. The more it tests a certain area, it has a higher chance of breaking out of that zone. It usually breaks out on the 3rd up to 4th time, and this time, it broke towards the upside.
My next price target would be at the 54000, then towards the 56300 area BUT the volume has to support this uptrend. If the volume is not enough, we might see a false breakout and the bearish price target would be in the 47100 to 49500 area once again.
I am open for feedback, suggestions and advice. Thanks!
We finally surpassed the strong resistance area represented by the yellow box. As I said before once we pass this area we can retest the 52000 area again. We need to break through 52000 area before we can proceed to my next price target which is just a stone's throw away within the 54700 zone.
My green box area is the 52000 and we can see with the prior price movements that it has touched this zone a couple of times already. The more it tests a certain area, it has a higher chance of breaking out of that zone. It usually breaks out on the 3rd up to 4th time, and this time, it broke towards the upside.
My next price target would be at the 54000, then towards the 56300 area BUT the volume has to support this uptrend. If the volume is not enough, we might see a false breakout and the bearish price target would be in the 47100 to 49500 area once again.
I am open for feedback, suggestions and advice. Thanks!