Hi, traders!
Today we gonna speak about the potential scenario of Bitcoin.
Have a look at the plot. As you see, the price has built triangle pattern. Price consolidates near 0.618 (60125$) Fibonacci level. Moreover, it has found support on this level. It’s very powerful signal of bears’ weakness. That’s why we have two scenarios. Let’s talk about them.
Today we gonna speak about the potential scenario of Bitcoin.
Have a look at the plot. As you see, the price has built triangle pattern. Price consolidates near 0.618 (60125$) Fibonacci level. Moreover, it has found support on this level. It’s very powerful signal of bears’ weakness. That’s why we have two scenarios. Let’s talk about them.
Note
Parabolic growthThe level of support is tested well. Thus, we will probably see the fast growth to 0.786 (61774$) Fibonacci level, consolidation and further growth to the 1 level and higher. Mention, we find the Bitcoin entirely bullish and believe in its further growth.
Note
Note
Support level break outAs you can see, price has a strong bearish divergence with the MFI oscillator. That’s why there is a high probability of support level break out and fell to approximately 0.382 – 0.286 Fibonacci levels (58330-57083$). The probability of less price is small, cause this level is provided with strong support of Fiba and triangular. Nevertheless, considering technical (strong support of triangular and EMA) and fundamental features, we are sure that we will see the breaking of 1 and even 1.618 Fibonacci levels in next several months. We find Bitcoin extremely bullish, you know.
Note
Note
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.Trade active
The price was rejected twice from the ATH and 0.61 Fib extension level, but today there was the big impulsive move to the upside which broke through the ascending triangle's upper band, ATH and Fib 0.61. Now the price is above the 0.78 Fib level ($62851). It is very important to find support above it for the uptrend continuation.
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Access private PineScript strategies and turn alerts into orders with easy-to-set up bots
Trade smarter with:
skyrexio.com
Trade smarter with:
skyrexio.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.