As we know, BTC/USDT has a 1 month old Double Top
pattern that has a still valid target at 7.3k-7.5k, and it coincides as well with double support line in that zone, which get us to say that's a perfect bounce area to start a bullish
uptrend. Nevertheless, it has bounce in 8.4k zone in the level 0.5% fibonacci retracement
, as it was expected, and it has tested Big Neckline #1 and was rejected again to same level 0.5% Fibonacci retracement
, apparently now it is goin to test it again, if it rejects it downwards it Could form a Smaller Double Top
with the same target as Bigger Double Top
at 7.3-7.5k (this would be my 1st case scenario).
If this upward movement breaks Bigger neckline #1 then it could validate a possible double bottom
pattern formed this week and should reach 10.7k area (this is my less probable and 2nd case scenario). Taking into account the lack of volume
, a descending RSI
, 1st case scenario is likely to happen, 1D chart should close above 9.4k to confirm upward movement but I hardly doubt it.
At the end I expect a Bullish Trend
to begging with a strong bounce at 7.3-7.5k area so It can finally get over 12k, It can still go a little lower than expected but it will depend on market sentiment, so I will be updating this chart.
I expect your comments on this analysis,
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