BTC/USD quick analysis and projection update

9 Ara 2017

Doing an update on my earlier analysis on BTC/USD consolidation pattern forming with support and possible entry at $14,075.

Price channel has held through consolidation also forming a bullish pennant/descending wedge. We are also between a bull (green) fibonnacci level and bear (red) fibonnacci level.

If we break above top trendline, we will either hit resistance at $17,345 and bounce back down or we will blow through it and look to hit our -0.236 fibonnacci extensoin target $21,843.

If we continue further downtrend and move below our 14,000 area support, we could go lower to the -0.236 bear level extension at 12,088 and hope this holds.

$12,000 is longer term support and should hold if it does get there.

Buy entry levels to add to current BTC hodlings are between $12,000 -14,000.

StochRSI looks to be making slightly new highs and is oversold. RSI is picking up momentum as well.

I am still bullish and I think this is solid consolidation chart ready to break out higher.

Let me know what you think :) Thanks!