Traditionally BTC has bounced of 0.618 fib level and currently its showing signs of consolidation at this level, which is a positive sign. The price is moving into a wedge and can breakout. If it bounces of this level and breaks the trend line it can touch the previous high of 17000.00 and go beyond. However, you should enter the trade with caution and strict stop loss. BTC is currently extremely susceptible to speculation and news emanating from key figures/governments across the world.
Entry point - Between 12500-13000
Profit target 1 - 17000.00
Profit target 2 - 19500.00
Stop loss - 9300.00
The RSI on multiple occasions has tried to break its trend line. Currently its attempting to break it again. If successful, it would possibly indicate an uptrend momentum.
MACD is also close to a cross over.
However, in the event of BTC breaking fib level of 0.618 it is going to go down quickly to 8000.00 and possibly to 5500.00
Entry point - Between 12500-13000
Profit target 1 - 17000.00
Profit target 2 - 19500.00
Stop loss - 9300.00
The RSI on multiple occasions has tried to break its trend line. Currently its attempting to break it again. If successful, it would possibly indicate an uptrend momentum.
MACD is also close to a cross over.
However, in the event of BTC breaking fib level of 0.618 it is going to go down quickly to 8000.00 and possibly to 5500.00
Commento:
As mentioned in my post, BTC has broken the fib level of 0.618 and headed towards to 8000, however there is no major resistance at 8000. It might bounce of a bit and then continue towards 5500. Keeping fingers crossed for an uptrend soon.