BTC why we are targeting 9, 735
Updated
People are asking why we are targeting 9735. Let me explain to get you a better view.
1. The red lines which behave as resistance, resistance and then converted to support and that's where BTC always find its bottom which also accommodated by weekly moving average 200-300
2. The same thing is in progress here resistance, resistance and now BTC converting the same line into support.
3. Now lets plot 9735 and voilla what we see is classical market pattern.
3.a. Thats 2017 ATH and after correction in 2019 BTC try to flip but failed
3.b. In Sep 202 it successfully converted to support and 2021 rally begins.
3.c. So market need to come to test it again as support
Now the confluence there is so much
1. The flipped support
2. weekly moving average 500
3. 2021 ATH line which will be support for BTC
I hope you will now understand it why we are targeting 9735.
And lets not forget this is the first time BTC going to test its flipped support it can also fail and push the price below 9735 too who knows.
1. The red lines which behave as resistance, resistance and then converted to support and that's where BTC always find its bottom which also accommodated by weekly moving average 200-300
2. The same thing is in progress here resistance, resistance and now BTC converting the same line into support.
3. Now lets plot 9735 and voilla what we see is classical market pattern.
3.a. Thats 2017 ATH and after correction in 2019 BTC try to flip but failed
3.b. In Sep 202 it successfully converted to support and 2021 rally begins.
3.c. So market need to come to test it again as support
Now the confluence there is so much
1. The flipped support
2. weekly moving average 500
3. 2021 ATH line which will be support for BTC
I hope you will now understand it why we are targeting 9735.
And lets not forget this is the first time BTC going to test its flipped support it can also fail and push the price below 9735 too who knows.
Note
This is another way to see it on the Fib, the price targets are on the chartNote
Note
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