BitcoinLong
Bitcoin Technical Update
A hectic week for the markets after last week’s record-breaking performance. Gold failed to breakthrough its 50 daily EMA and currently remains supported by its previous all-time high level of $1,900. We believe price is here to stay until further cause of catalyst.
In comparison, Bitcoin seems to be holding at the $11,500 strong weekly support and is looking to test the $12,000 level once again. Mercurial believes that the current market structure will continue to remain intact unless the $10,500 support gives way. Given the current economic backdrop coupled with faith in fiat weakening we see bullish momentum going forward for the digital asset.
Technical run-through:
Weekly
- Strong horizontal support at $11,500 since early 2019
Daily
- Breakout of December 2017 resistance which happened in July ($9,070)
- $13,900 which will be the next key level as it is the 1.618 fib level
- Successful H&S pattern will result in a price target of $17,500
- Broke through daily resistance of $10,500 which will be the main support
4-hourly
- Rectangle market structure, price ranging between $10,900 and $12,000
In comparison, Bitcoin seems to be holding at the $11,500 strong weekly support and is looking to test the $12,000 level once again. Mercurial believes that the current market structure will continue to remain intact unless the $10,500 support gives way. Given the current economic backdrop coupled with faith in fiat weakening we see bullish momentum going forward for the digital asset.
Technical run-through:
Weekly
- Strong horizontal support at $11,500 since early 2019
Daily
- Breakout of December 2017 resistance which happened in July ($9,070)
- $13,900 which will be the next key level as it is the 1.618 fib level
- Successful H&S pattern will result in a price target of $17,500
- Broke through daily resistance of $10,500 which will be the main support
4-hourly
- Rectangle market structure, price ranging between $10,900 and $12,000
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.