As Bitcoin consolidates we see some potential movement ideas. One is if BTC pulls back past the 56k mark there is a secondary support at 50-52k. If it does not pull back that far then we could potentially see movement off of the 56k support upwards toward 70k+.
Multiple scenarios based on the Ichimoku Kihon Suchi are displayed, but all indicate upward movement. The key support is 56k so if it moves above, we will likely movement back upwards towards the 70k mark, with key resistance around 61k.
If the 56k support falls, the 50-52k Support will likely fulfill the bottom end of the upward channel leading back to the upward trend.
As always, comments and ideas are welcome! Please let me know what you think!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
BTCUSDT
Multiple scenarios based on the Ichimoku Kihon Suchi are displayed, but all indicate upward movement. The key support is 56k so if it moves above, we will likely movement back upwards towards the 70k mark, with key resistance around 61k.
If the 56k support falls, the 50-52k Support will likely fulfill the bottom end of the upward channel leading back to the upward trend.
As always, comments and ideas are welcome! Please let me know what you think!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
BTCUSDT
Comment:
What are your thoughts? Is BTC going to break the high 61k area and move up or is it going to fail and consolidate a bit before rebounding?
Comment:
Looks like some consolidation between the 56k-59k area. The projection was a bit off as it never made it's way back down to the 50k-52k support, but just because there was a shift in the timeframe doesn't mean the outcome is different. It just might take a bit more time to play out. the 60k-61k resistance area still needs to be broken.
Comment:
I was off by a couple of days for the bounce and it looks like my channel bottom didn't hold. It also looks like the pattern will move as indicated, just a slightly later time frame. Let's see!