Hi guys!
Finally guys its the end of the week! I hope we will get a strong confirmation on bitcoin trend by the end of today.
BTC - Daily Chart
Tools used: Fib-Channel and Moving Averages
We are almost at the end of the week and bitcoin seems to have some resistance around $11,500 price area.
Using this fib channel you can kinda see where bitcoin travelled through also where it bounced and broken down.
BTC - Weekly Chart
Tools used: Trend-Based Fib Extension
This price level will give us some confirmation on the trend of bitcoin. If it closes bellow the yellow line, this will confirm a bounce. However if bitcoin closes above it, it should confirm a reversal move. Or it could just consolidate after this week.
Even if this week is only a bounce there is chance that this current rally will continue through next week and break the major resistance on the massive descending triangle.
Or bitcoin could have another breakdown since people who bought the top might just cut their losses by 50%.
Disclaimer
You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!