- Bitcoin approached powerful resistance level 16530.00
- Next buy target – 18000.00
Bitcoin has been steadily rising in the last few trading sessions inside the intermediate impulse wave (5) from the end of December. This impulse wave began when Bitcoin reversed up sharply from the strong support area lying at the intersection of the following support levels: the lower daily Bollinger Band, upward-sloping support trendline from the start of November, 50-day moving average, support level 11750.00 (which similarly reversed up the A-wave of the pervious medium-term ABC correction (4) from December) and the 50% Fibonacci correction of the pervious sharp impulse wave from November.
The price is current trading close to the powerful resistance level 16530.00 (which in December stopped the previous B-wave of the aforementioned ABC correction (4)). If the pair breaks above the resistance level 16530.00 – Bitcoin can then, most likely, rise to the next buy target at the resistance level 18000.00.
If Bitcoin fails to conclusively break above the resistance level 16530.00 – the price can then correct down to the nearby support level 15000.00.
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