Hello everyone! It has been a while since we last posted but if you check out our profile you will find we successfully called the bottom for Bitcoin at around the 29k region last month. We wanted to update everyone on the recent movements behind BTC as there was quite a sharp retrace earlier today. Whilst we hold above the 48k region, the bullish bias remains intact.
If we get upside from here, then the broadening wedge formation shown will be confirmed and the catalyst to get above 50k and hold will be intact. This is shown by the long term Fibonacci's highlighted, the next broadening formation high would allow the price to try and obtain support at these Fibonacci levels. Furthermore, you can see a short term bullish Fibonacci retracement highlighted, this coincides with the 48k brilliantly.
A break below 48k will invalidate the broadening formation and cause further downside. As we speak, bitcoin is either locking in its low to further progress towards a new high above the 50/52k region or it is breaking down on a higher timeframe ready to test support at 50ema on the daily timeframe. Taking fundamentals into consideration, we are biased to further upside from here. Enjoy!
If we get upside from here, then the broadening wedge formation shown will be confirmed and the catalyst to get above 50k and hold will be intact. This is shown by the long term Fibonacci's highlighted, the next broadening formation high would allow the price to try and obtain support at these Fibonacci levels. Furthermore, you can see a short term bullish Fibonacci retracement highlighted, this coincides with the 48k brilliantly.
A break below 48k will invalidate the broadening formation and cause further downside. As we speak, bitcoin is either locking in its low to further progress towards a new high above the 50/52k region or it is breaking down on a higher timeframe ready to test support at 50ema on the daily timeframe. Taking fundamentals into consideration, we are biased to further upside from here. Enjoy!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.