Btc noobs weekly forecast. Maybe up.
BTCUSD continues in an overall 2 months + downtrend.As i write this a low volumen attempt of breaking this downward trendline is taking place.
A failed breakout could easily lead to a retest of the lowest low we've seen this year at the 6K, level probably trigering some fear in market participants, they key level for this is the 0.23fib level.
Macd seems to be willing to cross to bullish territory son.
RSI is above 50 and with lots of space before next high.
Based on this 2 indicators and in the strenght of the donwtrend line in case of succesful breakout plus the fact btc bounced at the 0.23 fib level i would expect btc to break the horizontal resistance and previous local high around 11.1k and search a test of the 0.5 fib level or even de 0.61 level around 14k. (Note that you can see something similar to the pattern morning star but even more bullish that seems to be getting confirmed by the candle that is beeing printed right now.
So this week, our btc weekly forecast points to a price target for next week around the blue box área in the graph, between 12k and 14k.
Feel free to comment, correct or share any thoughts!
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