Bitcoin Bullish Analysis
Hello Guys!
As we all have seen Bitcoin's most recent pullback, I consider that something healthy for the price to do. Usually in a healthy market we look for upsides and retracements like these which give us more reliability on the trend that the price is making.
Now, we can see Bitcoin is re-testing the Daily support Trendline in the upside channel it has been on, which it is touching for the third time now. (Red circles)
We can also see a re-test on the 54k mark, which was our last resistance before we went to our new ATH for 69k.
Lastly we have the price testing the 0.328 Fibonacci line which gives another support for the price to hold on to.
Scenario 1: Bitcoin rebounds from the price that it is currently in (54k), and we see a movement to the upside that could take us to a possible ATH of 100k in the upcoming months.
Scenario 2: Bitcoin does a fake breakout of these supports and goes to (50k) to test the
200 EMA and the 0.50 Fibonacci line. After this I would expect a lot of Bullish movement and for the price to go for the 100k ATH in the upcoming months.
Thank you for reading!
I would appreciate any comments and feedback.
As we all have seen Bitcoin's most recent pullback, I consider that something healthy for the price to do. Usually in a healthy market we look for upsides and retracements like these which give us more reliability on the trend that the price is making.
Now, we can see Bitcoin is re-testing the Daily support Trendline in the upside channel it has been on, which it is touching for the third time now. (Red circles)
We can also see a re-test on the 54k mark, which was our last resistance before we went to our new ATH for 69k.
Lastly we have the price testing the 0.328 Fibonacci line which gives another support for the price to hold on to.
Scenario 1: Bitcoin rebounds from the price that it is currently in (54k), and we see a movement to the upside that could take us to a possible ATH of 100k in the upcoming months.
Scenario 2: Bitcoin does a fake breakout of these supports and goes to (50k) to test the
200 EMA and the 0.50 Fibonacci line. After this I would expect a lot of Bullish movement and for the price to go for the 100k ATH in the upcoming months.
Thank you for reading!
I would appreciate any comments and feedback.
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