Hey friends, hope you are well and welcome to a new update on Bitcoin.
Head and Shoulder pattern and resistance:
Previously we have seen that on a 4-hour chart the price action of Bitcoin formed a head and shoulder pattern and found resistance at $24200. Now the BTC has broken out this resistance.
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Fractal resistance is broken out:
On the daily chart, after breaking out from a wedge pattern, the price action of the leading cryptocurrency found fractal resistance at $24100, which is also broken out.
Pennant is broken out:
On the hourly chart, the price action of BTC formed a pennant, and now finally, the resistance of the pennant is also broken out. Now, if we take the measurement from the tail of the triangle to the support, then the target can be $25500.
Big butterfly move:
However, on the bigger time frame on the monthly chart, the price action has formed a big bearish Butterfly and entered in potential reversal zone and from here it can start moving down at any time:
The EMAs can be re-tested:
If in the long-term the priceline will start a rally to the downside, then 1st it can re-test the $20K level, this is also previous fractal resistance and now working as support. Incase the priceline will cross down the $20K then 1stit can re-test the EMA 10 and then EMA 21, the exponential moving average 21 is at $15750 at the time of writing.
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Conclusion:
In the mid-term and short term, we can expect the rally to the upside, however, in the long-term, the priceline can start correction soon.
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