Currently BTC is forming a decending triagle on the weekly chart. While remaining under $28600 BTC is in bearish territory.
If BTC breaks $28600 in the next week or two the price will most likely continue to $32k and this idea will be invalid.
Until then resistance remains resistance until it is not and at this point in time $28600 is acting a major resistance.
A rejection of this level may lead to a re-test of the bottom of the triangle at $24400 which also happens to be major resitance before. (Remember resistance becomes support so one would expect this support to hold)
A bounce from $24400 to the top of the triangle will be a perfect setup for a breakout of decending wedge to the upside. The measured move (taken from the highest point of the wedge to the first low of the wedge) will target $32 200 which means a break of the $32k resistance.
It then stands to reason that the next major resistance at $38k will be reached soon after based on prior price history.
Take not that the FIB retracement is targeting $21476 - $19000 which to date we have not come anywhere close to.
Everyone is super bullish right now so you are allowed to disagree with this idea :-)
If BTC breaks $28600 in the next week or two the price will most likely continue to $32k and this idea will be invalid.
Until then resistance remains resistance until it is not and at this point in time $28600 is acting a major resistance.
A rejection of this level may lead to a re-test of the bottom of the triangle at $24400 which also happens to be major resitance before. (Remember resistance becomes support so one would expect this support to hold)
A bounce from $24400 to the top of the triangle will be a perfect setup for a breakout of decending wedge to the upside. The measured move (taken from the highest point of the wedge to the first low of the wedge) will target $32 200 which means a break of the $32k resistance.
It then stands to reason that the next major resistance at $38k will be reached soon after based on prior price history.
Take not that the FIB retracement is targeting $21476 - $19000 which to date we have not come anywhere close to.
Everyone is super bullish right now so you are allowed to disagree with this idea :-)