Bitcoin (BTC) Hits Resistance Beware!!! A Possible Correction Upto 12K

 

Hey friends, hope you are well and welcome to the new update on Bitcoin.

As in my previous posts, I have been telling you all the moves of Bitcoin step by step. For example, In the month of March 2020 I shared a Gartley move formed by the BTC price action as below:

Click here to visit this old article on tradingview

 In the above post, I told you that the price action may move up to $12K very soon, and finally, the priceline started a bullish move. So far it has produced more than 105% profit rally and crossed up 12K level. Now the previous month’s candlestick has been closed above the $12K level and crossed above 0.786 Fibonacci projection of this Shark pattern. Therefore there is a possibility that the price action may retest this 0.786 Fib projection that is almost at $12K

 

 

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The formation of up-channel:

On the second of Oct, I shared an idea where I told you that the price action has formed an up channel on the weekly chart. At that time it was reached at the support of this channel. Therefore I predicted that the priceline may move up to $13500 and that was the half of this channel.

When the price action of the leading cryptocurrency moved at the center of this channel then based on more signals I told you that now the price action can move up to the resistance of the channel that is at $14K.

 

The BTC hits the resistance now:

Now if we take a look at the live weekly chart then price action is at the resistance of this channel and has hit the $14K level as predicted. But if it will be failed to breakout the resistance then it can move down to support that is almost at $12K. And this is the same level where we have the 0.786 Fibonacci projection of the bullish Gartley pattern that has been formed on the monthly chart.

 

The indicators and oscillators in long-term charts:

Now if you see the live chart on a weekly time period then MACD is strong bullish and Stochastic and RSI are overbought. These are very basic but important indicators there I am looking at these signals. Once they will start turning bearish and the priceline of the King of all cryptocurrencies will be at the resistance, then a rally to the downside up to the support of the channel can be confirmed.

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Conclusion:

Even though the price action has hit the resistance of the channel but sofar all indicators are strong bullish on long-term charts. Therefore before selling there should be more confirmations required.

 

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