Will Bitcoin be able to breakout this strongest resistance???
Hi friends hope you are well and welcome to the new update on Bitcoin. As in my previous posts, I've been sharing the different harmonic moves of Bitcoin’s price action and I've been telling you that the Bitcoin will be moved up from the potential reversal zones of these harmonic patterns. Last time I shared an expected bullish Cypher pattern with you. Because at that time the final leg of Cypher was not finalized but as all legs were driven perfectly as required for the bullish Cypher pattern, therefore, I predicted that the priceline of BTC will be moved more as per the Fibonacci sequence of Cypher and it will take another bullish divergence from the potential reversal zone of this harmonic pattern and it can hit the $10,000 resistance level.
The wedge has been broken out:
Since the first week of May 2020 the price action of Bitcoin was moving in a wedge pattern. I've also placed the volume profile indicator on the complete price action moving in this pattern that is showing very weak interest of the traders above the support. The point of control of the volume profile was also moved above the resistance of wedge. If we watch the moon phase indicator then the new full moon has appeared at high altitude at a big distance above the resistance. Therefore all these signals were in favor of breakout and finally, the priceline followed the signals and broke out the resistance of the wedge.
The price action is trying to break 10K resistance:
In the last week of June 2020, the price action bounced from the resistance of $8800. Then it started its new move within the price range from $9000 to $9500. Finally, the buying volume increased and the price action first broke out the $9500 resistance and at this time the World’s leading cryptocurrency is trying to break out the 10K resistance. This is a very strong resistance for the price action of Bitcoin as the BTC never able to break out this resistance since after this level was broken down in September 2019.
Now I would like to again recall a very big symmetrical triangle that has been formed on the weekly chart. This is the multi-years based symmetrical triangle that was started in 2017. The resistance of this triangle is very strong rejection line for the price line of BTC. If we take a look at the chart then it can be easily observed that the price action of Bitcoin is making a powerful attermpt to break out this rejection line.
A big bullish Gartley pattern:
At the end of this post, I would like to draw your attention to a very big bullish Gartley pattern. That is formed on the monthly chart by the Bitcoin. I published this pattern back in April 2020 and the price has started a powerful bullish divergence from the potential reversal zone of this Gartley move. Every candlestick is closing above the shoulder of the previous candlestick. If this bullish sequence will be continued that we can expect that soon it will lead the price action of BTC to achieve the higher than the previous highest price ever in the history of the Bitcoin.
Conclusion:
From short to long-term all indicators are bullish but this is a fact that the Bitcoin is struggling at the resistance of $10,000 and also at the resistance level of a symmetrical triangle that is the strongest rejection line in the history of the Bitcoin as well. Therefore, if the price action will be failed to break out these resistance levels then we can expect another rally to the downside at previous support of $9500.
The wedge has been broken out:
Since the first week of May 2020 the price action of Bitcoin was moving in a wedge pattern. I've also placed the volume profile indicator on the complete price action moving in this pattern that is showing very weak interest of the traders above the support. The point of control of the volume profile was also moved above the resistance of wedge. If we watch the moon phase indicator then the new full moon has appeared at high altitude at a big distance above the resistance. Therefore all these signals were in favor of breakout and finally, the priceline followed the signals and broke out the resistance of the wedge.
The price action is trying to break 10K resistance:
In the last week of June 2020, the price action bounced from the resistance of $8800. Then it started its new move within the price range from $9000 to $9500. Finally, the buying volume increased and the price action first broke out the $9500 resistance and at this time the World’s leading cryptocurrency is trying to break out the 10K resistance. This is a very strong resistance for the price action of Bitcoin as the BTC never able to break out this resistance since after this level was broken down in September 2019.
Now I would like to again recall a very big symmetrical triangle that has been formed on the weekly chart. This is the multi-years based symmetrical triangle that was started in 2017. The resistance of this triangle is very strong rejection line for the price line of BTC. If we take a look at the chart then it can be easily observed that the price action of Bitcoin is making a powerful attermpt to break out this rejection line.
A big bullish Gartley pattern:
At the end of this post, I would like to draw your attention to a very big bullish Gartley pattern. That is formed on the monthly chart by the Bitcoin. I published this pattern back in April 2020 and the price has started a powerful bullish divergence from the potential reversal zone of this Gartley move. Every candlestick is closing above the shoulder of the previous candlestick. If this bullish sequence will be continued that we can expect that soon it will lead the price action of BTC to achieve the higher than the previous highest price ever in the history of the Bitcoin.
Conclusion:
From short to long-term all indicators are bullish but this is a fact that the Bitcoin is struggling at the resistance of $10,000 and also at the resistance level of a symmetrical triangle that is the strongest rejection line in the history of the Bitcoin as well. Therefore, if the price action will be failed to break out these resistance levels then we can expect another rally to the downside at previous support of $9500.
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