SkyRock Signals

​​#Analysis #BTC

BTCUSD a comprehensive short, mid and long term analysis

Short term analysis: At the moment, the formation of an ascending wedge is happening. The price is inside of the template and moves to the lower edge of it which is located around $6550. The price can bounce from this point, moving to the resistance of $6780, in case of overcoming it there will be a chance to get an impulse breakthrough into the range of $6890-7000 (where it will meet the stronger resistance). Bears could not have decreased the price to a lower range since yesterday. However the price is in the red Ichimoku cloud and should move to the lower edge of it according to indicators. if it happens the market is fixed below the wedge level breaking it down and below the level of $6500, which will start a correction wave. The nearest support in case of a fall will be at the level of $6300. Our analysts team thinks that a correction scenario is more likely to happen. Mid term analysis: The outlook for the next few days for Bitcoin may look like this. The BTC value will reduce due to the formation of an ascending wedge , which will act like a correction of the breakdown of the descending wedge with a subsequent increase to the resistance level . Global view on Bitcoin. Considering the 1-month scale, it can be seen that the price heads to the resistance of 0.5 Fib level which is around $10900 according to our previous analysis In case of breaking long term pattern and subsequent fall through support level in the short and mid term the price will meet Fib 0.786 level which is near $5800 and will act as the main support of the asset for the period of corrective declines.