Weekly Candle broke key trendlines, BTC seeking liquidity: $9000
BTC closed a bearish candle which broke two key trendlines on the weekly timeframe. This coincided with Nasdaq's worst week since March.
There is strong support around 9000, where BTC will likely do a swing failure pattern to run the stoplosses of longs and will then probably try to reclaim upper levels of 10500 upon finding liquidity, if successful then 11500 is next, where a consolidation will resume and a breakout of newly formed ascending triangle that could lead to 0.618 fibbonacci at 13600.
This assumes congress will allow the new stimulus bill to pass and unemployment rate will improve over the months leading to the elections in USA.
There is strong support around 9000, where BTC will likely do a swing failure pattern to run the stoplosses of longs and will then probably try to reclaim upper levels of 10500 upon finding liquidity, if successful then 11500 is next, where a consolidation will resume and a breakout of newly formed ascending triangle that could lead to 0.618 fibbonacci at 13600.
This assumes congress will allow the new stimulus bill to pass and unemployment rate will improve over the months leading to the elections in USA.
Trade closed: target reached