Bitcoin reached the $6522 and further down to the descending support line of the falling wedge. Now price has pulled back, what's next?
Next, Bitcoin has to re-test a support zone. Be Aware: Support Re-Test Zones only get re-tested 80% of the time, 20% of the time price will not re-test the zone and will just ignore it and continue towards its newly established trend.
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>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
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Price now approaching resistance at the 20 Period EMA.
30 Minutes Chart Watch how the price reacted as it approached the 200 Period EMA.
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Bitcoin may still re-test its support zone.
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Resistance found at the 200 Period EMA.
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Retracement 1st Target Level: 38.2% Fib Level
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On the 4Hour Chart, price may find resistance at the 55 Period EMA coinciding with the resistance trend line of the falling wedge.
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Day Chart clearly showing a Bullish Divergence on the RSI, and the momentum on the Stoch RSI has shifted towards the upside.
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4 Hour Chart Price pushed passed the 55 EMA, now facing the 120 EMA which has been resistance multiple times.
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Golden 61.8% is right up ahead.
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Golden 61.8% Fib Reached, price now headed for the major EMA level at the 200 EMA.
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Price found support at the 38.2% Fib Level. Bitcoin will now either re-test the resistance zone or dip down to the 50% and further down to the Golden 61.8% Fib Level. Yellow 120EMA is crossing over the Red 200EMA (bullish). If Bitcoin continues its trend upwards, the target could be $8070.