Cryptocurrencies

Bitcoin Technical Analysis

BTC seen from the 1D timing we can see how the price is showing resistance above 8000, the technical movement points out as feasible a momentum that could reach the price range of 8500 – 8800 to complete the point (B) of the follow up, the current candlestick series continues to maintain an upward slope of higher and higher lows, While the resistance is losing strength, however, we must be very careful at these high supply levels, we have a weekly resistance at 8386 indicated within the chart by the red high horizontal, as from this level the risk for long trades increases and the price will lose strength as we see it now.

BTC seen from the 1H time frame we can see how the candlestick structure has formed a symmetrical triangle that should result in a breakout to the high range located within the price range of 8450 – 8550, within the chart we can see how the price has drawn 2 important HL to start playing (EW), once we claim as support the 8100, the price should not fall from that level not to invalidate our trade.

BTC long term monitoring

Long term BTC is looking very bullish, we are currently finalizing the correction of the EW wave (2), once the price reaches the price range of 10800 – 11000 and claims as support the 9500 we will have a very good confirmation to continue to rise and break the previous ATH located at 20000, this third impulse wave could end up within the price range of 37000 – 47000 before having the correction of the higher wave (4) below 30000, if this scenario is fulfilled we will have a fifth impulse wave higher than 100000.

In conclusion, BTC could currently have a next push towards 8500, and could reach the maximum price range of 8650 – 8800, as I mentioned earlier, from 8300 the risk of long entry increases, so we must be very careful with supply levels, the larger figure of this bullish flag still points to the next strongest downward movement in the price range of 6200 – 6177, therefore I recommend to follow the 1D price action very closely and always remember to place your stop losses to avoid possible reversals during the move.

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