In our previous analysis about bitcoin, we have mentioned possible ABC correction, the end of possible wave C or later we’ve mentioned the trendline breakout with a potential target at 45340 USD.
The target has been reached and the price moved higher to reach the psychological 50 000 USD level. The strong price action happened there which could indicate potential profit-taking above this level.
However, the price has been creating a new pattern that looks like an upward channel. Its upper and lower limits could be the nearest resistance and support levels so we have to wait for another breakout.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The target has been reached and the price moved higher to reach the psychological 50 000 USD level. The strong price action happened there which could indicate potential profit-taking above this level.
However, the price has been creating a new pattern that looks like an upward channel. Its upper and lower limits could be the nearest resistance and support levels so we have to wait for another breakout.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.