Hey guys,
We have been doing some analysis on coins for a while and it was clear that BTC was in a strong support. the price was holding in a point with many indications that it was about to break in a strong bullish movement.
Now that it has been proved true and many of us were able to gain with this incredible bullish movement I decide to make and analysis for us to study the potential of this movement, it's supports, satisfaction zone and price target! Let's see.
In the last movement there was a retraction from the price to the point of 50% (around 41k) of the Fibonacci Retracement, there the price started to build a strong support and together with the Heave EMA of 200 it was able to cement a launching point for the new Bullish movement, the Volume was constant and the players were on the buyer side, MACD had turned Seller but was weak at that point suggesting the players were not strong enough to change the tendency.
Retracement of the last correction, creating a strong support at 41K
With this strong support in place the price could finally be able to put forward a renewed and strong bullish movement, moving up almost 35%, with barely moving backwards. it was incredible show of buyer strength on this coin.
And now I decided to plot a Fibonacci Projection so we can be able to see where are the next resistance points, the Satisfaction zone and the Price Target.
Fibonacci Projection with target at around 63.6K and Satisfaction zone at around 59.5K
Using the graph to find the next resistance is probably the price will find the next point at around 59.5K as the price held that position in the past, and it is quite in the satisfaction zone already, we can expect the price to find some resistance there and players that wills tart to pocket their gains.
According to the Fibonacci Projection the price target will be around 63.6K before the price start a new correction. In this region the price will find a strong resistance since players will be eager to pocket their gains, it is the last top region and algorithms will consider heavily this. Only a massive bullish sentiment would drive the price even further.
What do you think, are we going to 63.6K or beyond or the price is yet to build more force to reach there? Tell me what you think!
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