Update On Bitcoin: Targeting 7000-7300$

[aezakmi]

BTC/USD Weekly Chart

Bitcoin broke the weekly 55 EMA (blue) and is currently finding support at the golden pocket region of the small Fibonacci. Our next stop is the 7300$ (with possible wicks to 7000$), were a big support level is to be found: we have the 0.618 of the big Fib., the 0.786 of the small Fib. and the 100 weekly MA. There's also a bearish cross on the MACD, so 7300$ could be around the corner.

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BTC/USD Daily Chart

On the daily, the descending channel is more clear. We have the RSI almost touching the lower reference line and despite the MACD rejection at the signal line, we have a bullish divergence on the Histogram, which might signal an early reversal. Personally, I'm still waiting for a divergence also on the RSI and MACD.

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Thanks for reading and safe trading!✌

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Comments

[aezakmi]

Update:

Our next stop is the 7300$ (with possible wicks to 7000$)

First target hit. Could have candle wicks as low as 7000$.

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[aezakmi]

Update 2:

Second target hit

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[aezakmi]

Update 3:

Mentioned 5000-5500$ range as worst case scenario 6 months ago - Post is here
Don't think we're going to break the 200 weekly MA

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[aezakmi]

OK, that was ugly. First time we break through the 200 weekly MA so ugly.