BTC: What's Next?
BTC had a very strong weekly close printing a bullish engulfing candle. Back in 2017 this led to continued uptrend.
So, this morning’s action is showing signs that that BTC will be going higher.
We managed to call the top on that doji candle and TD-9 just perfectly.
There were many reasons to reverse there (0.382 Fib, doji at the top & TD-9 sell). And we pulled back actually.
Now two of those reasons are no longer concerns (TD-9 has played its course) now we need to break the 0.382 Fib
(need to close weekly candle above 9400).
But now the fib is not so critical resistance as it was few weeks ago.
As of right now it looks like BTC wants to go higher.
BTC is overdue for a minimum 30% correction. That’s why we have some concerns.
This is a very speculative rise because it’s not supported by volume on-chain.
Taking into account the momentum and strength of Bitcoin without significant pullbacks,
leads us to believe that if we can get a closing price above 10k, real FOMO can start.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
So, this morning’s action is showing signs that that BTC will be going higher.
We managed to call the top on that doji candle and TD-9 just perfectly.
There were many reasons to reverse there (0.382 Fib, doji at the top & TD-9 sell). And we pulled back actually.
Now two of those reasons are no longer concerns (TD-9 has played its course) now we need to break the 0.382 Fib
(need to close weekly candle above 9400).
But now the fib is not so critical resistance as it was few weeks ago.
As of right now it looks like BTC wants to go higher.
BTC is overdue for a minimum 30% correction. That’s why we have some concerns.
This is a very speculative rise because it’s not supported by volume on-chain.
Taking into account the momentum and strength of Bitcoin without significant pullbacks,
leads us to believe that if we can get a closing price above 10k, real FOMO can start.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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