Bitcoin : Approaching the intra day resistance zone
Bitcoin has showed us a huge upside moves and has broken out from the $10500 range which for most people, it looks like a bullish type of action. But once again I remind you that at the short term time frame, there are a lot of resistance zone that the price needs to respect.
Continuing my previous analysis about bitcoin, we can see that the support trend line is very successful to hold the price from further drop. We can see that the price is now trending slightly below the .382 fibonacci retracement which always be an important range in the fibonacci level. Even with this upside moves, the price is still trending inside this contracting triangle that's become the indication of current huge consolidation. Breaking above $10800 will leads the price to test the golden pocket range as the next resistance.
In short term, I think that the price will touches the golden pocket zone but for longer term bias, it's still very difficult for me to say that the price will break out of current triangle in play. $9200 is still becoming my target after the golden pocket being touched.
Continuing my previous analysis about bitcoin, we can see that the support trend line is very successful to hold the price from further drop. We can see that the price is now trending slightly below the .382 fibonacci retracement which always be an important range in the fibonacci level. Even with this upside moves, the price is still trending inside this contracting triangle that's become the indication of current huge consolidation. Breaking above $10800 will leads the price to test the golden pocket range as the next resistance.
In short term, I think that the price will touches the golden pocket zone but for longer term bias, it's still very difficult for me to say that the price will break out of current triangle in play. $9200 is still becoming my target after the golden pocket being touched.
