Current BTC situation.
What i discuss in this article is not financial advice along with all forms of analysis i post. BTC has hit a strong level of resistance which i feel the price wont fall below. This level is nothing other than the golden pocket derived from the Fibonacci retracement indicator. The entire base of this accumulation phase or consolidation phase lays on the golden pocket and has stuck above of this level most of the time. I will come back to the phycological factor associated with the golden pocket as many people appreciate and respect these levels and therefore place trades upon the rise or demise of these levels.
BTC has recently broken out of a reducing trend formation and based on the retracement seen today is trying to meet old resistance to create new support (as seen between the white trend lines.). price has also peaked above the daily Bollinger bands which could represent a potential break if the price stays within the confines of the bands. This break of the bands will result in a potential reversal and ultimately a move towards ATM as we approach the end of the month. In order to achieve these levels the market has to break 2 key levels of resistance which is pointed out by the fib retracement indicator as well as a basic eye for levels of sup & res. These levels are the 41.3k and 46.8k levels. Watch for these levels as well as the 34k to 36k which is the golden pocket.
BTC has recently broken out of a reducing trend formation and based on the retracement seen today is trying to meet old resistance to create new support (as seen between the white trend lines.). price has also peaked above the daily Bollinger bands which could represent a potential break if the price stays within the confines of the bands. This break of the bands will result in a potential reversal and ultimately a move towards ATM as we approach the end of the month. In order to achieve these levels the market has to break 2 key levels of resistance which is pointed out by the fib retracement indicator as well as a basic eye for levels of sup & res. These levels are the 41.3k and 46.8k levels. Watch for these levels as well as the 34k to 36k which is the golden pocket.
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