Bitcoin resting just above $10,000. Can it hold ?
Hello traders,
Here's a BTC:USD chart on daily and 4 hour time frame. We've been anticipating a slow market this week with not much of a movement so far.
I wanted to update you on whats going on at the moment and where we think the price could go up next so you'll always be prepared to capitalize off the markets.
After going from 9600 level all the way up to the key resistance level of 10800 , which looked like it will take us to climb higher, we broke below the trend-line one more time, currently resting at around 10150/10200 - which as mentioned on number of previous articles it is a very important level.
Looking at the daily time-frame we have a perfect Fibonacci extension with 0.5 level sitting exactly at the 10150 which I mentioned above. If you look deep you'll see that we could be having an reverse head and shoulders around this level and the FIBO is a perfect confirmation for types of formations like H/S, but judging by the lower lows that we've been forming since AUG 20th I do not think that now is the time for a reversal of this sort.
So let's focus on the FIBO, as you may know the perfect reversal points are 0.5 0.68 and 0.78, with 0.5 correlating perfectly with the 10150 level it looks like its all coming down to how well it could hold. If we break below this level we could see a spike to the 0.78 at $9700.
Taking it down to 4 hour time frame we'll be looking for a confirmation. We have already broken below 10150 on the 4 Hour and it looks like that the price is now coming back to retest this particular level. If we could hold and stay above this region we should see a push higher. If it fails to do so 9700 would be the first downside target.
Here's a BTC:USD chart on daily and 4 hour time frame. We've been anticipating a slow market this week with not much of a movement so far.
I wanted to update you on whats going on at the moment and where we think the price could go up next so you'll always be prepared to capitalize off the markets.
After going from 9600 level all the way up to the key resistance level of 10800 , which looked like it will take us to climb higher, we broke below the trend-line one more time, currently resting at around 10150/10200 - which as mentioned on number of previous articles it is a very important level.
Looking at the daily time-frame we have a perfect Fibonacci extension with 0.5 level sitting exactly at the 10150 which I mentioned above. If you look deep you'll see that we could be having an reverse head and shoulders around this level and the FIBO is a perfect confirmation for types of formations like H/S, but judging by the lower lows that we've been forming since AUG 20th I do not think that now is the time for a reversal of this sort.
So let's focus on the FIBO, as you may know the perfect reversal points are 0.5 0.68 and 0.78, with 0.5 correlating perfectly with the 10150 level it looks like its all coming down to how well it could hold. If we break below this level we could see a spike to the 0.78 at $9700.
Taking it down to 4 hour time frame we'll be looking for a confirmation. We have already broken below 10150 on the 4 Hour and it looks like that the price is now coming back to retest this particular level. If we could hold and stay above this region we should see a push higher. If it fails to do so 9700 would be the first downside target.
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