BTC/USD quick analysis and projection

Dec 9, 2017

BTC has been in the spotlight with its recent parabolic movement. Using trend analysis we have a short 24 hour break to the upside making new ATH on Coinbase/Gdax at roughly $19,726. Forming a consolidation pattern that is desperately needed. Fibonnacci retracement has support at $14,075 that needs to hold to stay in pattern. This is also a buy entry level to add to current long BTC/USD position.

If .618 Fibonnacci retracement level/support level holds it is also a potential buy entry for opening new BTC/USD long position with a target of $21,843.

StochRSI is oversold but there is very little volume coming in so caution is warranted for opening new BTC/USD long positions. Look for extra confirmations of continuing support at that level or price channel holding/uptrend forming with higher lows and higher highs.

Let me know what you think!

More to come :) Thank you!