COULD WE FINALLY SEE SOME MOVEMENT TO $40,000?
Looking at the 4HR chart, we see that the movement after (A) came back and retested the resistance level at (B).
The movement from (C) to (D) with large volumes was enough to break through the resistance which is now acting as a support level which also corresponds to the 38.2% fib level of the last bullish rise.
With the low volume levels and the bull flag formation, we could be see an accumulation phase that could see bitcoin drop down to the 50% fib level (E), before seeing a bull movement all the way to $39,900 (F).
The $39,900 point corresponds to the 1.272 fib extension level AND is also a resistance level.
** NOT FINANCIAL ADVICE**
Just my take on things.
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The movement from (C) to (D) with large volumes was enough to break through the resistance which is now acting as a support level which also corresponds to the 38.2% fib level of the last bullish rise.
With the low volume levels and the bull flag formation, we could be see an accumulation phase that could see bitcoin drop down to the 50% fib level (E), before seeing a bull movement all the way to $39,900 (F).
The $39,900 point corresponds to the 1.272 fib extension level AND is also a resistance level.
** NOT FINANCIAL ADVICE**
Just my take on things.
Drop a LIKE and leave a COMMENT.
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