BTC Bouncing from FIBO and Falling wedge för BITSTAMP:BTCUSD av CryptoNotic

trendanalysis chartpattern btc btcusd btcusdlong btceur btcusdt btclong cryptocurrency crypto cryptotrading

After massive market crash and sell off, BTC has bounced from falling wedge bottom support (The wick of candle) and it closed over FIBO 61.8. It has huge potential to bounce from this area, also the volume has slightly increased and it is a good sign. There are 2 possible ways of btc moving, if the resistance line will not be break outed the down trend will be confirmed and it will be moving down further to 8000-8500. If the resistance line at level somewhere between 12000-12300 will be break outed we will see edge to edge of wedge strategy after some corrections it can reach levels such as 15000-17000usd

Kommentera:

The BTC price has reached the resistance level. According to decreasing volume, the chances to break the resistance is quite low, put your stops below candle of today.
If BTC price will break this resistance level (12500-12800), we can see trend continuation to the top of decreasing tunnel which are somewhere between 14000-15000

Trade stängt: målet nått:

Downtrend support was reached.

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