BITCOIN (XBT/USD) - INCOMING SUPPORT!
= ELEMONT FX =
Analysis:
- Bitcoin is still well and truly in an uptrend on the Daily chart
- Look for a bullish reversal around support & the trendline between 7,000 – 7,500 for entry
- Confirmation will see price head back up towards key fib levels
Targets
1. 11,300 (Double top resistance / 38.2% fib)
2. 13,000 (50% fib)
3. If it breaks and holds above 13,000 then blue sky ahead!
Analysis:
- Bitcoin is still well and truly in an uptrend on the Daily chart
- Look for a bullish reversal around support & the trendline between 7,000 – 7,500 for entry
- Confirmation will see price head back up towards key fib levels
Targets
1. 11,300 (Double top resistance / 38.2% fib)
2. 13,000 (50% fib)
3. If it breaks and holds above 13,000 then blue sky ahead!
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