Hey friends, hope you are well and welcome to the new update on Bitcoin.
In April 2020 I shared the post where I showed that on the monthly chart the price action of BTC has completed the final leg of bullish Gartley move. And as per the Fibonacci sequence of Bullish Gartley, the priceline turned bullish from the potential reversal zone of this harmonic pattern and produced more than 94% rally. At this time the 0.786 Fibonacci projection is working as a strong resistance and the candlesticks of the leading cryptocurrency are trying to break out this resistance.
In my previous article, I showed you a few more things that the priceline of BTC is forming different harmonic moves on an hourly chart and having very firm support of an up trendline as well. And these moves were signaling for a big move soon.
After using 100 simple moving average support the priceline turned bullish and broke out the $11K to $11150 resistance level . And $11000 to $11150 started working as very strong support. In the meanwhile, the priceline of Bitcoin also retested these supports which were previously working as resistance, and after successful re-test spiked more beyond $13K.
Now I want o show you the up channel on weekly chart that was the base of my prediction that the priceline can spike upto $13500 very soon. Previously when I posted this up a channel on 2nd Oct the priceline was at $10398 and now after this move, the Bitcon has reached beyond $13300 that is more than 28%.
Now if we take a look at this channel on a live chart then the priceline of King of all cryptocurrencies is reached more than half of this channel. The Bollinger bands is showing resistance therefore once Bollinger bands will be expanded then the price action can move up to the resistance of this channel that is almost at $14K. The price action has also good supports of simple moving averages with the time period of 25, 50, 100, and 200 as well.
Even though the price action has turned very strong bullish and spiked beyond $13K but the Bollinger bands is showing a strong resistance. Therefore I need to keep an eye on the Bollinger bands once it will start expanding then there will be more space created for candlesticks to move upto the resistance otherwise the lower bands of bolling bands indicator is below the support of channel and the priceline can move up this level as well.