In my previous post I where talking about Januar candle had to close bullish engulfing and so it did. We also got our breakout of blue downtrend and closed above, februar candle retested the trendline as support for now. It's easier to see on the weekly chart below. If we will mirror the 2019 breakout the highest target is 0,618 fib at 48k as 14k in 2019.
As long as we dont close below blue trendline again i'm expecting more upside. The only thing of concern is the USD index or DXY.
As we can see it's been in downtrend and crypto had its relief rally. As DXY lost uptrend and is retesting it now, if DXY rejects here im expecting the rally to continue, but if it reclaims trendline and BTC fall below its trendline we will probably come down to fill a CME gap at 20k. Bullish as long as we dont close daily candles below 200 MA at 19,5k and its climbing.
I hope you enjoyed the read and leave a comment, will we go higher or not?
Please do follow if you want to keep up with my next crypto post. Any upvotes or reblogs are hugely appreciated!
Latest crypto post, check out :
BTC update - Januar candle has to close bullish engulfing, or!?
Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
Latest content: Travel, Art, Article, Photo
