Possible path for BTC/USD
BTCUSDHello Traders,
Here we have a possible BTC scenario that might play next weeks
Firsti of all, we have to break with good volume the $4150-$4200 area that will probably drive us at the $4430, 0.382fib level(dead cat bounce) of the whole drop since 6544 and also 1:1 extension
After that local resistance we are probably gonna test the $4150 area as a previous Resistance that will try to perform as Support and the middle line of the channel we are moving in
Successful retest means we are heading towards $4840 that is the 0.5fib level of the drop and the 1.1414 extension+the upper line of the channel
As we have enough volume for this rally we might reach higher targets around $5120 the 1.618 extension and even higher at the golden ratio $5240-$5350 area
Also as you can see in the chart above we have a possile inverted head & shoulders pattern in play that its targets are exactly in the golden pocket area at $5300
Lets conclude, last weeks BTC and many alts are seeing great gains and great bullish momentum.BTC has till now 2-3 days with a daily close above the 100Dema after two failed attempts on February 24th and March 21st.Also the 8 and 13Dema tonight will be above the 100Dema.All these are bullish signs and the whole market sentiment is starting to getting bullish as finally most of the bears have closed huge short positions.A clear break above $4200 with big volume will trap the last remaing bears making them close their positions by longing and add more fuel in the breakout attempt
The important warning that everyone should be careful is about the manipulation that exists in that market so the best thing to do is to play your positions with confirmation in order not to get trapped
We MIGHT starting a mini bull run and not entering a bull market yet as we have some pretty strong resistances to break until $6000
See you around and trade safe!!
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