I usually try to stay away from calling
BTC
targets because BTC does whatever the hell it wants but things are looking too interesting at the moment to not through in my two satoshis...
As a primarily alt-coin trade, I have enjoyed the ALT rally that comes with when BTC falls in a sideways channel. On the chart, the channel is quite clear and it is also apparent that BTC is moving within two extended fib levels (3.618 + 4.236) creating a sideways channel and despite three attempts to break resistance (triple top?), BTC is still ranging between $1600 and $18000 (reminiscent of the moves between $7,000 and $5,000 before the breakout that brought us here). It is still unclear whether or not we will have a similar rally but the fact that BTC is maintaining this price level at the moment is promising.
At the moment, BTC just broke out of a wedge and has failed to break through resistance at the $18,200 price level (4.2368 Fib) and is likely going to test the current trend line before another attempt. Moving average congestion tells us that a major price movement is likely in the next days (possibly hours). Breakout confirmation is when BTC can close an hourly candle above $18200. If this happens, I doubt the candle will stop there. The enthusiasm for $20K BTC would likely drive the price straight to $19800 (4.618 Fib) and momentum would carry it further.
On the other hand, as BTC has been unable to crack though this resistance after three attempts, price may consolidate to a lower level, testing prior support. Watch out for a break of the 200MA on the hourly (moving average compression increases the risk of this happening). If 200MA breaks we could see a return to $14,000 price level with $12,000 being max pain and a possible reversal area. As we are still in an uptrend this is highly speculative and only applicable if 200MA leads to reversal of current trend.
Personally, BTC look ready for another rally to me but that is highly dependent on the ability of new comers into the market to weather the turbulence. Even so, at this point, every dip will be bought up with the hopes that BTC what happened last year at this time happens again. Hell, this might just be the first wave of a larger leg beginning. Either way, stay alert and trade smart.
BTC
targets because BTC does whatever the hell it wants but things are looking too interesting at the moment to not through in my two satoshis... As a primarily alt-coin trade, I have enjoyed the ALT rally that comes with when BTC falls in a sideways channel. On the chart, the channel is quite clear and it is also apparent that BTC is moving within two extended fib levels (3.618 + 4.236) creating a sideways channel and despite three attempts to break resistance (triple top?), BTC is still ranging between $1600 and $18000 (reminiscent of the moves between $7,000 and $5,000 before the breakout that brought us here). It is still unclear whether or not we will have a similar rally but the fact that BTC is maintaining this price level at the moment is promising.
At the moment, BTC just broke out of a wedge and has failed to break through resistance at the $18,200 price level (4.2368 Fib) and is likely going to test the current trend line before another attempt. Moving average congestion tells us that a major price movement is likely in the next days (possibly hours). Breakout confirmation is when BTC can close an hourly candle above $18200. If this happens, I doubt the candle will stop there. The enthusiasm for $20K BTC would likely drive the price straight to $19800 (4.618 Fib) and momentum would carry it further.
On the other hand, as BTC has been unable to crack though this resistance after three attempts, price may consolidate to a lower level, testing prior support. Watch out for a break of the 200MA on the hourly (moving average compression increases the risk of this happening). If 200MA breaks we could see a return to $14,000 price level with $12,000 being max pain and a possible reversal area. As we are still in an uptrend this is highly speculative and only applicable if 200MA leads to reversal of current trend.
Personally, BTC look ready for another rally to me but that is highly dependent on the ability of new comers into the market to weather the turbulence. Even so, at this point, every dip will be bought up with the hopes that BTC what happened last year at this time happens again. Hell, this might just be the first wave of a larger leg beginning. Either way, stay alert and trade smart.
