BitcoinAlış
BTC/USD Punching Higher from AB=CD Support!
Güncellendi
Bitcoin (BTC) versus the US dollar (USD) is up +9% today, drawing BTC/USD out of negative terrain this month and considerably off worst levels.
Early July witnessed the unit shake hands with an AB=CD bullish formation at $54,678 – a 100% projection ratio – and a 38.2% Fibonacci retracement ratio at $55,151, an area aided by the Relative Strength Index (RSI) chalking up positive divergence just ahead of oversold space (note that the RSI recently crossed above the 50.00 centreline, indicating positive momentum). Harmonic traders tend to target the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D, which can be found at $61,756 and $66,407, respectively.
Today’s push higher has seen price connect with the 38.2% Fibonacci retracement ratio and also test the mettle of resistance coming in from $62,532. Overhead, the 50-day simple moving average (SMA) at $64,444 calls for attention, closely shadowed by the 61.8% Fibonacci retracement ratio mentioned above at $66,407.
Further Buying?
While, technically speaking, testing the 38.2% Fibonacci retracement ratio at $61,756 and resistance at $62,532 could see sellers make an appearance, the overall, longer-term trend for BTC/USD still favours buyers. Therefore, a daily close north of $62,535 may prompt traders to seek bullish scenarios on the lower timeframes, targeting beyond the 50-day SMA towards $66,407 as an initial take-profit objective.
Early July witnessed the unit shake hands with an AB=CD bullish formation at $54,678 – a 100% projection ratio – and a 38.2% Fibonacci retracement ratio at $55,151, an area aided by the Relative Strength Index (RSI) chalking up positive divergence just ahead of oversold space (note that the RSI recently crossed above the 50.00 centreline, indicating positive momentum). Harmonic traders tend to target the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D, which can be found at $61,756 and $66,407, respectively.
Today’s push higher has seen price connect with the 38.2% Fibonacci retracement ratio and also test the mettle of resistance coming in from $62,532. Overhead, the 50-day simple moving average (SMA) at $64,444 calls for attention, closely shadowed by the 61.8% Fibonacci retracement ratio mentioned above at $66,407.
Further Buying?
While, technically speaking, testing the 38.2% Fibonacci retracement ratio at $61,756 and resistance at $62,532 could see sellers make an appearance, the overall, longer-term trend for BTC/USD still favours buyers. Therefore, a daily close north of $62,535 may prompt traders to seek bullish scenarios on the lower timeframes, targeting beyond the 50-day SMA towards $66,407 as an initial take-profit objective.
Not
Resistance at $62,532 consumed (now potential support), with price currently testing the 50-day SMA. Overhead, the 61.8% Fibonacci retracement ratio at $66,407 could be the next upside objective.
Feragatname
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