The bitcoin (BTC) course is a wed night, suddenly, 200 dollar failed, and it handles right now for $10.172 on Bitfinex. So, what can we expect from the course? Please refer to the technical analysis of Cryptotargets.
Bitcoin (BTC) weekgrafiek
The weekgrafiek you can see that the bitcoin price is in a symmetrical triangle on there.
The support is in the $10,000 to $of 10080 is provisionally adhered to. That is, the rising, the green dotted line of the symmetrical triangle (see figure 1, below, ed.).
It is our opinion that the market price will still be bullish with a target of the bullish CME futures contracts, gap (see the graph below), which is located in the region of$11.700 works – $12.000).
The breakout level to rise, and it is between $10.700 – $11.000. The supportlevel is located in the zone of $10,000 – $10.100.
What is a symmetrical triangle ?
A symmetrical triangle is neither the bulls nor the bears are really in control over the market. The result of this is that the peaks and troughs of the price to get closer and closer to each other.
figure 1: bitcoin weekgrafiek
Bitcoin (BTC) chart
Provisionally, we keep a good balance with the uptrend, which has been used in the previous week from $9.900 zone.
We also expect that we get the daily close today above $10.150 is close to, the uptrend is intact, and to keep it. Furthermore, to date, there is absolutely no reason to panic.
The support levels are for a single bitcoin in $of 10080 – $9.900 to $9.750. If these levels are maintained, the chance of it still being real, and that we have the $11,000 is the undo feature.
The weerstandszones you can, of course, be found at the falling trendline (+/- area to $10,500), and in the zone of $10.800 – $11.000.
figure 2: a bitcoin chart
Bitcoin 4 uursgrafiek (scene 1)
We can see in the figure 4, the ascending triangle, and as you can see from the chart, it was, at the time of the analysis, the share price +/- $10.300 .
In the meantime, we have arrived at the rising trend line of the ascending triangle. This ascending triangle may continue up to the first weerstandszone to $10,500 and then to $10.800 – $11.000.
Update with a price correction
Bitcoin is a sat night down to (as previously stated) is extremely important fibonacci level 0.618 – 0.65.
We expect a further increase of the ascending triangle, as shown in figure 4 is shown.
figure 3: bitcoin is a 4 uursgrafiek
figure 4: the bitcoin ascending triangle
We have found that there is a possible inverted head & shoulders pattern is forming it is.
To the left and the right can find support in the above-specified zone ($9.800, up to $9.900).
The neckline is to be found in the first weerstandszone.
If we get a candle close above $11,000 on the 4hr chart, then we can provide a large increase in expected on-the CME Futures contracts, gap-filling ($11.800 to $12.000).
figure 5: a CME was on the gap up
figure 6: the CME was on the gap down
We have been in the short term, optimistic about the market price with a target of $11.800 to $12.000.
From this level we expect, however, is a decline in the direction of the previously indicated lower CME gap of $7.150 to $7.450.
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