Cryptocurrencies

Bitcoin Technical Analysis

BTC seen from the temporality of 1D we can see how the price has finally broken up the channel of this upward flag of reaccumulation that lasted 6 months, the price has broken strongly in 1D at the right time of the trend as a sign of confirmation, the price has formed the high in the 9163, indicated within the chart by the black top horizontal, we should currently move into the price range of 8200 – 8000 where we have the support point of this movement, indicated within the chart by the green diagonal, this retracement would be a retest of the channel and then continue with the upward movement with greater force, Inside the chart we can see the EW tracking, currently we have completed the first subwave and we are starting the second subwave, once we complete the movement we will start the subwave (3) of another subwave (3), so the acceleration of the movement will be very strong, I have indicated as the first target the price range of 11386 – 11963, indicated within the chart by the 2 red horizontal, the second target is located within the price range of 14204 – 14999, indicated within the chart by the 2 red horizontal.

BTC seen from the 1H time frame we can observe more closely the current candlestick movement where we see how the price broke the diagonal support of the rising wedge that formed this first bullish subwave, currently the price is forming the point (2) of correction, I have marked it in the chart over the LH, However, if the price breaks the resistance at 8675, we may see a further push into the price range of 8771 – 8850, indicated within the chart by the green rectangle, otherwise the price should continue to fall to complete the next points of the correction.

In conclusion, we have had a spectacular week with BTC and other large cap currencies due to their domino effect, finally we have a long run bullish breakout, however, we have to work with our feet on the ground and follow every move in order not to get lost in the run, for those who took profit at the high point of the move, it is advisable to wait for the 8200 – 8000 range to look for re-entry, therefore, I recommend to follow very closely the price action in H1 and 1D and always remember to place your stop losses to avoid possible invalidations during the move.

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