BTC Update: Testing the trendline support

Summary:

Bitcoin has started its retracement towards the support level as i posted yesterday ( yesterday's post). Price is currently at the full swing 38% fib level bouncing of previous support and trendline at 9400ish level.

This confirms the fractal i was talking about yesterday is in play and we might see this pullback go a little deeper to 50% fib . MACD still has some roam to downside, But the price might start bouncing of this current 38% fib level too. We need to see volume come in to confirm this support.

Here are the probable paths.

The neckline will act as resistance again when the price moves up, but it might be breached easier this time. I am still bullish and 17k target is not far away i guess. Complete picture with all details

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Disclaimer:

I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.