BTC Roadmap to $38k
Currently BTC is forming a decending triagle on the weekly chart. While remaining under $28600 BTC is in bearish territory.
If BTC breaks $28600 in the next week or two the price will most likely continue to 32k and this idea will be invalid.
Until then resistance remains resistance until it is not and at this point in time $28600 is acting a major resistance.
A rejection of this level may lead to a re-test of the bottom of the triangle at $24400 which also happens to be major resitance before. (Remember resistance becomes support so one would expect this support to hold)
A bounce from $24400 to the top of the triangle will be a perfect setup for a breakout of decending wedge to the upside. The measured move (taken from the highest point of the wedge to the first low of the wedge) will target $32 200 which means a break of the 32k resistance.
It then stands to reason that the next major resistance at 38k will be reached soon after based on prior price history.
Take not that the FIB retracement is targeting $21476 - $19000 which to date we have not come anywhere close to.
Everyone is super bullish right now so you are allowed to disagree with this idea :-)
If BTC breaks $28600 in the next week or two the price will most likely continue to 32k and this idea will be invalid.
Until then resistance remains resistance until it is not and at this point in time $28600 is acting a major resistance.
A rejection of this level may lead to a re-test of the bottom of the triangle at $24400 which also happens to be major resitance before. (Remember resistance becomes support so one would expect this support to hold)
A bounce from $24400 to the top of the triangle will be a perfect setup for a breakout of decending wedge to the upside. The measured move (taken from the highest point of the wedge to the first low of the wedge) will target $32 200 which means a break of the 32k resistance.
It then stands to reason that the next major resistance at 38k will be reached soon after based on prior price history.
Take not that the FIB retracement is targeting $21476 - $19000 which to date we have not come anywhere close to.
Everyone is super bullish right now so you are allowed to disagree with this idea :-)
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