BTCUSD REBORN OF BEARS!
Updated
Hi guys!
Here is another quick analysis.
So going back to a few days we had a nice gravestone doji/shooting star (on the daily chart ) showing that bulls were running out of power. Next day the red candle confirmed the trend reversal.
We successfully broke the 10k psychological level.
We also broke the 9.5k resistance which was a resistance before and after became a new support (purple line).
Next support is the 0.786 fibbo at 9k. The 9k level also seems to be a good target for the elliot correction wave. After reaching 9k I do expect a little pull back to 9.5k and testing it as a new resistance.
Closing below 9.5k today would be a great sign for trend continuation.
My final target is still at 6.5k at the green bullish trendline .
Please leave a comment if you have any question and leave a like if you found my post helpful!
***This is not a financial advice! I do not tell anyone to buy or sell bitcoin!***
Here is another quick analysis.
So going back to a few days we had a nice gravestone doji/shooting star (on the daily chart ) showing that bulls were running out of power. Next day the red candle confirmed the trend reversal.
We successfully broke the 10k psychological level.
We also broke the 9.5k resistance which was a resistance before and after became a new support (purple line).
Next support is the 0.786 fibbo at 9k. The 9k level also seems to be a good target for the elliot correction wave. After reaching 9k I do expect a little pull back to 9.5k and testing it as a new resistance.
Closing below 9.5k today would be a great sign for trend continuation.
My final target is still at 6.5k at the green bullish trendline .
Please leave a comment if you have any question and leave a like if you found my post helpful!
***This is not a financial advice! I do not tell anyone to buy or sell bitcoin!***
Note
Descending wedge if forming. I expect a breakout with a higher volume after we break the blue line downward.
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