Bitcoin Technical Analysis Update - Week 34
So far so good, Bitcoin is back above $50,000 for the first time since mid-may! New ATH in the pipe or correction to come?
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Summary
Previous Analysis
$50,000, Psychological Level
Fibonacci Levels
Weekly Close
Weekly Plan
6.1 First scenario
6.2 Second scenarioOverall
Previous Analysis
In my last Bitcoin technical analysis, I shared with you this scenario with a pull back in the $43,000 area. So far so good, Bitcoin followed this path perfectly and is now back above $50,000, yes, FIFTY THOUSAND DOLLARS!
Is it the time for a correction or up only mode is back?
$50,000, Psychological Level
So far so good, Bitcoin is back above $50,000 for the first time since mid-may. This is a very important level to flip as support and continue toward a new ATH.
This is a psychological level, this means in my humble opinion that it is a pretty dangerous area if you want to position yourself. It is better to wait for a clear breakout or pullback.
If you have in mind to open a short, I advise you to manage your risk well and especially not to forget your SL because a strong breakout from here would give way to FOMO and we could experience something similar to a few months ago.
Fibonacci Levels
For over a week, 0.5 fib level acted as resistance. Bulls were able to manage a breakout four days ago and they are now close to the next level, 0.618 at $51,109.
It is important to note that the previous fib (0.5) has still not been retested as support, so a pull back to $46,000-$47,000 would not surprise me to get a good impulse to go back and visit the $50,000+.
Weekly Close
As if nothing had happened, Bitcoin has just closed its fifth weekly green candle in a row! Furthermore, each candle printed an HL and an HH, bulls are on every dips and bear can’t do nothing about that (for now).
I’m using this website (AGGR) to spot every big transactions and I can confirm that big boys are buying hard.
Weekly Plan
First scenario:
Consolidation between $50,300 and $49,400 followed by a good impulsion toward next fib
0.618 fib flipped as support and $55,000 is my next target
Second scenario:
$49,400 retest failed and Bitcoin correct to next local support
Ranging for few days before a new $50,000 attempt breakout and flip
(Dark red show a potential bigger correction as I said above to retest the previous fib level (0.5).
Overall,
bulls are in full control and they are building a very clean chart: consolidation, breakout, pullback (HL) and repeat. This is how we’re going to a new ATH, this is how strong chart are build and reduce significantly big market dump.
Also, please, don’t forget to take your profit along the way, crypto market is a wild place and you know how big and fast movements can be.
Secure your profit is one of the most important things to do.
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