BTC turns to bullish in mid-term, what are supports/resistances
After 30 days of correction, BTC has finished the last cycle and started a new cycle of Aug. 2019. The Fib. 38.2% level did hold the price well, from now it turns to strong support for the mid-term move of BTC.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around $14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around $14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around $14k), heads to higher targets such as $16k, $18k, and even an all-time high at around $20k. Any targets beyond $14k are from a long-term point of view.
An exaggerated bullish divergence appeared on the H4 chart, responsible for the 25% move up of BTC in the recent days, starts the first wave of Aug. 2019 cycle.
There are 2 possible scenarios for BTC next move, including:
- BTC enters the consolidation phase at the Fib. 14.6% (at around $11,700), then can reach the local top at around $14k.
- BTC slumps to the Fib. 23.6% (at around $10,800), attracts newcomers, then can reach the local top at around $14k.
In this cycle, BTC will have enough buying force that he can break the local top (at around $14k), heads to higher targets such as $16k, $18k, and even an all-time high at around $20k. Any targets beyond $14k are from a long-term point of view.
