monkia

BTCUSD - Do we still have to go to $8k before going to $50,000k?

BITFINEX:BTCUSD   Bitcoin / Dollar
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If you followed my earlier analysis
BTCUSD to 13000 and then down to 8500?, you will have seen that we planned for the possibility of a $13k reversal but we haven't got to the potential bottom yet.

BTC             has been in a bullish structure for the past week, posting higher lows and breaking through a diagonal down trend resistance on the 27th. An attempt to break $12k was convulsively rejected but support was found at the $11-$11.2 level.

The question now is whether we are entering a consolidation phase to give the spring for the next impulse up to break the $12k mark or we break down. To buy back my short and potentially go long on my trading coins, I would like to see it attempt to break and reject the lower green diagonal support (around $10.8k). Breaking down through that reopens the $7k target

On the upside I see two areas of potential resistance, an opportunity to take profit or be aware of reversals. Around $13k is the most likely for a reversal as it will meet the the diagonal down trend resistance formed from the 20k and 17k highs; 1 day 50EMA and 0.382 Fib of the $17k bear run.

Looking at the 1 day RSI , unlike the previous corrections in the last two years, we have not yet closed below 30. I am therefore still of the belief that we need to see $7k-$8k to create the spring for a new bullish impulse up to new highs and ultimately $50k.
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