On the weekly BTCUSD chart we notice that there is a high chance we wont see much of a drop in price anymore,
and need to consider the current dip as a buying opportunity.
We do note, however, that to fully confirm the uptrend since 3120 low, we need to see a higher high above 14k.
The rising support level is being tested right now. The falling resistance has been broken in July, and hopefully will be left behind.
8600 seems like an appropriate level for a stop loss. 14k is a good target to take portions of the profits.
new all time high around 23-24k could be a good final target for taking profits and/or selling opportunity.
Note:
In the FIbonnaci extention analysis we de-emphasized the pandemic related drop in price, considering it an unusual one-time event.
and need to consider the current dip as a buying opportunity.
We do note, however, that to fully confirm the uptrend since 3120 low, we need to see a higher high above 14k.
The rising support level is being tested right now. The falling resistance has been broken in July, and hopefully will be left behind.
8600 seems like an appropriate level for a stop loss. 14k is a good target to take portions of the profits.
new all time high around 23-24k could be a good final target for taking profits and/or selling opportunity.
Note:
In the FIbonnaci extention analysis we de-emphasized the pandemic related drop in price, considering it an unusual one-time event.
