After failing to break upward in a triangle formation, BTC is expected to go further down to USD 5000 within a month. Upon touching on 5000, the new chapter will soon begin.
Several attempts were made to break the resistance level at 10k, before we look further up, we shall see this trend on daily chart as I drew. There is no way BTC will go back to test 7800 level.
BTCUSD pair is still running strong with a little sign of stalling in the last 2 days, but as long as it stays within the tunnel, it is going to make a 10% rally within 7 days.
As I insisted in the last couple of weeks, the hegemony of BTC will be back. The predicted upward breakthrough out of the ascending wedge is fulfilled, the next stop will be 10618, and then 11965. Look closely and you will all of these can be reached within 2 weeks.
I have grossy underestimated the volatility of BTC, here is the update on the ascending wedge, and I maintain that BTC is going to the moon, starting from 1st May until the end of June.
With most of the technical indicators pointing to an upward trade for BTC/USD pair, the sudden and shift retraction caused some panic sell off over the last 24 hours. The current trading range is around USD 8800/BTC, in the hourly chart shows that BTC has fallen to 0.382 fibonnaci ratio from the most recent peak at 9750. Consider the influence of future contract...
