Hello traders! The recent BTC price action clearly shows that there is something going on. Price yet again produced a new higher high after breaking the long term downtrend trendline. At the same time, BTC/USD remains above the 200 Exponential Moving Averages, confirming the validity of the uptrend.
It seems like another big move is about to be made it it will most likely be to the upside. Based on the Fibonacci retracement level applied to the last wave up, when the price tested 13,854 high, the nearest resistance is seen at 11,400, which means there is a $1,400 growth potential in the short term. However, if this resistance will get penetrated, much more growth potential should become available.
Moving on to the 4H chart, the uptrend trendline was rejected, along with the 23.6% Fibonacci retracement level at $8,618. The rejection was very clean, after which price went up and broke above the downtrend trendline. This goes to show the domination of the buying power, although some correction down is also possible.
As long as the price remains above the $8,618 support, there are two scenarios. Either price will continue to move up without any rest or will correct down, to re-test the uptrend trendline. In any case, the buying will remain the priority.
Bias: Strongly bullish while above $8618
Potential Support Zone: $9500 – $10000
Potential Targets: 11,400, 13,850
Have a profitable trading!