Today we are analysis BINANCE:BTCUSDT on a .
– In April the 14th Bitcoin recorded a new ATH to top at 64500 usd
– Since April the 22nd , Bitcoin started its downtrend correction of -56% to finally range between 28K to 42k usd
– Following by a nice on the , prices finally started to go up on July the 21st to top at 42500 usd where our 0.382 fib level is
For the first time since the beginning of the bull market on bitcoin , the price has crossed the Kumo and inevitably go down to 30K .
In July the 24th for the very first time since the beginning of the downtrend, bitcoin re-entered into the Kumo at 33800 usd, crossed it and leave it directly to 42500 usd where two big resistances are :
R1 : Top of the first leg-up of January the 8th
R2 : 0.382 Fibonacci level
WHAT WE EXPECT NOW :
1. After crossing the Tenkan, the price could bounce on the Kijun which is situated at 36K / or / bounce directly on the SSB flat line which is situated at 35000 usd (This ultime support must hold for the continuation of the increase).
2. Then, bitcoin could top for the second time to the 0.382 fib level and could be rejected again and going back to the 0.236 fib level which match also with an ultime test of the Kumo ( SSA ). This price movement will coincide in a nice pull back on the downtrend line, which is a good sign of future growth for Bitcoin .
3. This second bounce on 0,236 fib level, and the downtrend line, could be the one that let bitcoin going to our first target of 51000 USD which correspond to the 0.618 fib level.
Take profits :
Take profits n°1 : 51 000 usd : Corresponds to the « 0,618 » fibonacci level
Take profits n°2 : 56000 / 57000 usd : Correspond to a SSB and a Kijun important flat lines. It also match with the « 0.786 » fibonacci level
TIME WILL TELL US
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