Weekly candlestick close, Catalyst to upside spike
This is the perspective on the weekly time frame which we can see the price is having huge significant price action right after the price closes above the 200 MA on the weekly time frame.
Based on current structure, we can see that the price is still having huge bullish momentum as the latest candlestick on this time frame forms a longer wick toward the downside comparing with the upper wick which is shorter.
if the price can maintain current structure on this week's candlestick close, we will see a strong catalyst for the upside movement. The only logical thing we can see right now is that the price must go to the upside as there is strong momentum and people are starting to put their belief on the market again.
Target remains the same on the area of $29000 - $30000 as the alignment area between the 38.2% Fibonacci retracement level (based on the logarithmic scale) and the resistance trend line that has been holding the price from ATH.
Based on current structure, we can see that the price is still having huge bullish momentum as the latest candlestick on this time frame forms a longer wick toward the downside comparing with the upper wick which is shorter.
if the price can maintain current structure on this week's candlestick close, we will see a strong catalyst for the upside movement. The only logical thing we can see right now is that the price must go to the upside as there is strong momentum and people are starting to put their belief on the market again.
Target remains the same on the area of $29000 - $30000 as the alignment area between the 38.2% Fibonacci retracement level (based on the logarithmic scale) and the resistance trend line that has been holding the price from ATH.
