The price of Bitcoin has continued increasing over the weekend after an interaction with the significant horizontal level pivot point last Friday where the price found support.
This indicates that the price is now likely heading for another higher high to $9400 area before we see the start of the higher degree downtrend.
- Price managed to hold above $8120 on Friday which means that the increase hasn’t ended.
- Interaction with the next significant horizontal level at $8500 is currently being made.
- If the price finds support here, a further increase is to be expected but only to the 0.382 Fib level at around $9400
- After the currently seen minor uptrend ends a higher degree downturn is likely to start.
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Bitcoin Analysis BTC/USD
From Friday’s low at $8126, the price of Bitcoin has continued increasing over the weekend as it made a recovery of 8.54% on Sunday when it came up to $8820 at its highest point. From yesterday the price has been decreasing again, dropping around 4% to $8456 at its lowest point today.
Looking at the hourly chart, you can see that the price fell below the significant horizontal level at $8500 but is currently hovering around it as it’s retesting it for support.
As the price hasn’t gone below the $8120 level on Friday and hasn’t entered the territory of the lower wave the possibility of another increase still stands and considering that the price has managed to go above the significant horizontal level at $8500 we could be seeing this expected increase developing.
As you can see the price action has made another ascending channel from 13th of May which could be interpreted as an ending pattern for the 5th wave.
This would be the 5th wave of the last impulse to the upside both of the Minute and the Minor count which means that after its completion a downturn would be expected but as it hasn’t developed fully, an interaction with the 0.382 Fibonacci level is still awaited which would be around $9400.
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