BTC analysis on the weekly chart.
This is a personal analysis and does not represent the official opinion of the channel.
It is not a buy or sell signal, but a mere opinion about the possible scenario.
Strategies: MME9, Elliot, Fibonacci, OBV, ADX and resistance lines.
BTC broke the downtrend line in the $ 10,100k region, a region of extreme importance and optimism for a bull market.
Using the FIbo retraction from the last bottom to the top, it is clear that the BTC made a correction in the value indicated at 0.236% (Elliot wave 2).
Then, with the Fibo expansion, a new rise started (Elliot wave 3), but this one, although above the LTB, encountered millimeter resistance in the region of 0.382% of the Fibo expansion ($ 11.3K). This region has become an important area to be broken.
If confirmed and the value elapses 0.382% of the Fibo expansion, the price will tend to encounter strong resistance in the 0.786% region of the Fibo region ($ 14.1k), which coincides with the second highest top of the asset. If you manage to break this region, you will seek 1,618% Fibo reaching the historic top ($ 20k) - ending Elliot wave 3 and followed by a complex wave 4 (which I recommend not to operate).
I don't know if BTC will have the strength to go further, but if it breaks 1,618% of Fibo's expansion, the sky is the limit ...
The 9-period EMA is holding back the price and the bullish movement is serving as an excellent support zone for BTC. While staying above that line (in H2 or more), I believe in bullish movements, albeit in a subtle and gradual way.
ADX DI + / DI- (in my opinion the best trend indicator) is indicating strong purchase, HOWEVER, in this specific case, in analysis of the general context, I recommend CAUTION and purchase only if you break 0.382% of the Fibo expansion, indicated in blue on the graph.
The OBV oscillator presents a bearish divergence compared to the analysis of candles (note the trend lines in orange color). Volume divergences are quite reliable and I am particularly concerned when I detect one. Low volume means few people or a considerable decrease, or rather, investing in assets.
If you lose the LTB (price shown in the pink chart), the price will seek smaller targets, initially at $ 9.5k.
What I WILL DO (please don't take it as a rule for you - use your own studies):
1. If I break 0.382% of Fibo's expansion I will buy.
2. If I lose the LTB (about $ 9.9k), I will sell.
For now I'm in limbo waiting for a price action. The chart rules and you obey.
Good trades to all.
It is not a buy or sell signal, but a mere opinion about the possible scenario.
Strategies: MME9, Elliot, Fibonacci, OBV, ADX and resistance lines.
BTC broke the downtrend line in the $ 10,100k region, a region of extreme importance and optimism for a bull market.
Using the FIbo retraction from the last bottom to the top, it is clear that the BTC made a correction in the value indicated at 0.236% (Elliot wave 2).
Then, with the Fibo expansion, a new rise started (Elliot wave 3), but this one, although above the LTB, encountered millimeter resistance in the region of 0.382% of the Fibo expansion ($ 11.3K). This region has become an important area to be broken.
If confirmed and the value elapses 0.382% of the Fibo expansion, the price will tend to encounter strong resistance in the 0.786% region of the Fibo region ($ 14.1k), which coincides with the second highest top of the asset. If you manage to break this region, you will seek 1,618% Fibo reaching the historic top ($ 20k) - ending Elliot wave 3 and followed by a complex wave 4 (which I recommend not to operate).
I don't know if BTC will have the strength to go further, but if it breaks 1,618% of Fibo's expansion, the sky is the limit ...
The 9-period EMA is holding back the price and the bullish movement is serving as an excellent support zone for BTC. While staying above that line (in H2 or more), I believe in bullish movements, albeit in a subtle and gradual way.
ADX DI + / DI- (in my opinion the best trend indicator) is indicating strong purchase, HOWEVER, in this specific case, in analysis of the general context, I recommend CAUTION and purchase only if you break 0.382% of the Fibo expansion, indicated in blue on the graph.
The OBV oscillator presents a bearish divergence compared to the analysis of candles (note the trend lines in orange color). Volume divergences are quite reliable and I am particularly concerned when I detect one. Low volume means few people or a considerable decrease, or rather, investing in assets.
If you lose the LTB (price shown in the pink chart), the price will seek smaller targets, initially at $ 9.5k.
What I WILL DO (please don't take it as a rule for you - use your own studies):
1. If I break 0.382% of Fibo's expansion I will buy.
2. If I lose the LTB (about $ 9.9k), I will sell.
For now I'm in limbo waiting for a price action. The chart rules and you obey.
Good trades to all.
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