EdgarTigranyan

Bitcoin: $25,500 or fake-out?

COINBASE:BTCUSD   Bitcoin
Hello All. Here is a quick update on BItcoin.

Looking at BTCUSD on the daily timeframe we see that bitcoin broke bullish out of the symmetrical triangle and has a measured price target sitting at around $24,750.

On the weekly timeframe the Bitcoin sits right below the 200 week EMA which plays as a resistance and sits at $22,650.

If the price of BTC break above this mark I expect a 16% move up for bitcoin. This will put bitcoin right below the resistance line of the falling wedge pattern and right at the 161% Fibonacci retracement. The falling wedge has a long descending line of resistance at $25,500.

If this is a fake-out and the price falls back inside the symmetrical triangle, then the price of bitcoin can go towards the support of the triangle at $19,500. If this scenario plays out then it is also important to note that the next resistance for bitcoin will be the $17,000 price mark which is the support of the falling wedge pattern.

Important to note: The price of BTC sits below the 200 Week EMA , and the daily stochastic RSI is currently in the overbought territory.

Thanks for reading, and stay tuned. Enjoy.

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