Bitcoin technical Analysis Update (BTC/USD): BTC set break above all resistances above, $13000 is set to be breached, From there a Break from Downward Targets.
Hi Friends, welcome to this Quick analysis of Bitcoin.
In my last Post I gave a target around $12,500 from the bull flag that had drawn on the chart, so far since my last post BTC has easily breached the EMA200 (blue) as I expected but however it was held around $11,000 and the rally was stopped before breaching my target.
Looking at the 4 hour chart we can see that the levels where BTC was pushed back is the 61.8% retrace so BTC can be expected to hold for some time around that level but as you can see BTC now have some really strong support downward so this hold can only be expected to be short as well as a slight hold $12700 and around the top of downward channel.
Why I am saying those holds will be temporary because there is some evidence on the chart to support that, you can see that a Bullish EMA crossover in near us and I think that can happen around the same time when BTC will be around $13000, that will be the final push required from the bulls to throw out any negative sentiments that has been on the market.
You would have noticed I have drawn another bull flag which was formed by BTC getting held at 61.8% retrace; BTC has been forming these bull flags regularly now before having a sharp rally so this time a sharp rally till the top of downward channel in pink around my target seems to be breached already.
And a break above that can bring the EMA crossover which I think is gonna be enough push for BTC to cross above $13000, and after that I will have to draw some new upward targets that I do not want to talk now but it looks very near when we will be talking about higher highs than any of the lines on my chart.
That will be all for now, I will keep you guys Posted in the as the chart develops further.
Till then Goodbye and Best of Luck to You People.