BTC turns to bullish in mid-term, what are supports/resistances
After 30 days of correction, BTC has finished the last cycle and started a new cycle of Aug. 2019. The Fib. 38.2% level did hold the price well, from now it turns to strong support for the mid-term move of BTC.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around 14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around 14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around
14K), heads to higher targets such as 16k, 18k, and even an all-time high at around 20k. Any targets beyond 14K are from a long-term point of view.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around 14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around 14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around
14K), heads to higher targets such as 16k, 18k, and even an all-time high at around 20k. Any targets beyond 14K are from a long-term point of view.
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