Further to the last update, price has broken out and smashed through the projected target at $9,350 reaching a high of $9,772.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Nota
Broken through 9k. Next area for support between 8k and 8.2kPenerbitan berkaitan
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.
Penerbitan berkaitan
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.