BitCoin price movement with Fibonacci
Description: Bitcoin has yesterday broken the triangular shape on BTC/USD 1day chart on BitStamp and I have posted on Appics those targets yesterday and what happend?!? I was on Point! The price has stoped on support as I gave info.
Text from yesterday: Bitcoin just broke out of the daily triangular structure on a downside.... Let's review both of scenarios!
Don't get me wrong, I'm long therm bullish on Bitcoin. I have a feeling that is not it! Maybe I'm wrong but what if I'm not?!? I see 3 major supports on a downsided of BTC 1st at 14k area, 2nd 12k and the 3rd 7k$ area this may just be as it was in March this year... 5 days and all markets will crash.
Now let's see the bullish pattern... if we continue to go up we have MAJOR resistane on this yellow ring. Notice that those are lines and rings and with time the price changes also. So when/if we break above this yellow ring (BTC is trying since April 2020) then we are going to see first major resistance at 24k area and the price pump to 37-40k$ area. If that happens you should sell at top and wait for correction a couple of days or weeks and rebuy at 26k and if it drops 2nd buy in at 21-22k area.
NOTICE: This is not a Financial Advice!
Trade safe and take the profits!