After reaching an All Time High at roughly USD19500 Bitcoin has been through a 45% correction, with about USD11000 as the most important bottom.
Since then, I traced an descending Channel that represents the correction.
So now we have to analyse: Has the correction ended and we are in the beginning of an bullish move? Or are we just breathing a little in order to go down again?
There is a HUGE resistence at USD16000 area, if the price breaks that point and market volume is big, we will have more certainty about the end of correction and go back towards the All Time High point at USD19500 area.
Entry Point: 15600
Target: 17000
Stop Loss: 15000
Profit: +8%
Loss: -3,8%
Since then, I traced an descending Channel that represents the correction.
So now we have to analyse: Has the correction ended and we are in the beginning of an bullish move? Or are we just breathing a little in order to go down again?
There is a HUGE resistence at USD16000 area, if the price breaks that point and market volume is big, we will have more certainty about the end of correction and go back towards the All Time High point at USD19500 area.
Entry Point: 15600
Target: 17000
Stop Loss: 15000
Profit: +8%
Loss: -3,8%