BTC/USD, W1 - the test of the key resistance
Bitcoin has responded to the harmonic pattern described earlier, which looks like a Gartley pattern. This is a potential bullish structure. However, to confirm the pattern, the market should permanently break the key resistance at 6515 USD.
If the current weekly candle closes above this level, it could be expected that there would be a potential further increase towards the upper limit in the key downward channel because its lower limit has been defended.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the current weekly candle closes above this level, it could be expected that there would be a potential further increase towards the upper limit in the key downward channel because its lower limit has been defended.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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