Bitcoin Technical Update
A hectic week for the markets after last week’s record-breaking performance. Gold failed to breakthrough its 50 daily EMA and currently remains supported by its previous all-time high level of $1,900. We believe price is here to stay until further cause of catalyst.
In comparison, Bitcoin seems to be holding at the $11,500 strong weekly support and is looking to test the $12,000 level once again. Mercurial believes that the current market structure will continue to remain intact unless the $10,500 support gives way. Given the current economic backdrop coupled with faith in fiat weakening we see bullish momentum going forward for the digital asset.
Technical run-through:
Weekly
- Strong horizontal support at $11,500 since early 2019
Daily
- Breakout of December 2017 resistance which happened in July ($9,070)
- $13,900 which will be the next key level as it is the 1.618 fib level
- Successful H&S pattern will result in a price target of $17,500
- Broke through daily resistance of $10,500 which will be the main support
4-hourly
- Rectangle market structure, price ranging between $10,900 and $12,000
In comparison, Bitcoin seems to be holding at the $11,500 strong weekly support and is looking to test the $12,000 level once again. Mercurial believes that the current market structure will continue to remain intact unless the $10,500 support gives way. Given the current economic backdrop coupled with faith in fiat weakening we see bullish momentum going forward for the digital asset.
Technical run-through:
Weekly
- Strong horizontal support at $11,500 since early 2019
Daily
- Breakout of December 2017 resistance which happened in July ($9,070)
- $13,900 which will be the next key level as it is the 1.618 fib level
- Successful H&S pattern will result in a price target of $17,500
- Broke through daily resistance of $10,500 which will be the main support
4-hourly
- Rectangle market structure, price ranging between $10,900 and $12,000
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