TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

BTC/USD is bullish, but watch out for pullbacks

BTC/USD is bullish, but watch out for pullbacks
Gregor HorvatGregor HorvatWavetraders

Hello traders!

BITCOIN made a sharp and impulsive move recently, which also broke decisively above the channel resistance line, that confirms the bullish trend.

Considering that price is breaking out of wave »iv« triangle, which actually suggests the final wave »v« of A/1, then we should also be aware of limited gains and a reversal ahead. Upside can as such be limited ideally around 12k level, at that August 2019 gap which can act as a strong target/resistance area.

That said, keep an eye on a deeper, higher degree wave B/2 corrective decline, once wave A/1 fully develops, that can send the price back to the channel resistance line which can act as a support around 9000 – 7500 area.

We remain bullish as long as price keeps trading above 4220 invalidation level, in case if price starts to trade even deeper and more complex.

BTCUSD, daily

btcusd

Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

More from Gregor Horvat
Share:

Editor's Picks

Has Bitcoin really escaped the macro forces it was built to fight?

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500.

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple (XRP) trades largely in bearish hands on Friday near $1.40. Although the remittance token has stabilized after a sharp sell-off from weekly highs of $1.53 to lows around $1.32, the path of least resistance remains downward, unless buyers affirm a daily close above the pivotal $1.40 level.

Bitcoin: Uptober or Rektober?

Bitcoin: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.