On the BTC/USD 4 Hour chart, we are seeing an upward breakout that is testing multiple significant resistance levels. These resistance levels include the 0.382 Fib resistance level,
A natural Fib trend line resistance level, and also clear $11,250 horizontal price resistance. For a true bullish reversal signal, a close above $11,250 and the .382 Fib is ideal.
On a bullish note, the price is holding steady above the 50, 100, and always beautiful 200EMA. They have temporarily shifted from acting as resistance to acting as support. These are critical holds in maintaining an upward trend.
First breakout target aim will be $12.8K. Rejection from the .382 Fib, along with possibly getting swatted away from price resistance at $11,250 could throw us through supporting EMAs. This would probably result in a pullback to reassert support at the massive level which is $9,500-10,000.
We are currently at one of the clearest decision points for BTC’s trend movement. Close eyes.
This is not financial advice, just a guy’s opinion.
A natural Fib trend line resistance level, and also clear $11,250 horizontal price resistance. For a true bullish reversal signal, a close above $11,250 and the .382 Fib is ideal.
On a bullish note, the price is holding steady above the 50, 100, and always beautiful 200EMA. They have temporarily shifted from acting as resistance to acting as support. These are critical holds in maintaining an upward trend.
First breakout target aim will be $12.8K. Rejection from the .382 Fib, along with possibly getting swatted away from price resistance at $11,250 could throw us through supporting EMAs. This would probably result in a pullback to reassert support at the massive level which is $9,500-10,000.
We are currently at one of the clearest decision points for BTC’s trend movement. Close eyes.
This is not financial advice, just a guy’s opinion.