Bitcoin and Ethereum Chart Analysis - Bitcoin on the verge of a breakout?

Bitcoin Chart Analysis

Bitcoin and Ethereum Chart Analysis - Bitcoin on the verge of a breakout?Bitcoin and Ethereum Chart Analysis - Bitcoin on the verge of a breakout?Source: Tradingview*

Bitcoin has impulsively broken out of our Symmetrical Triangle to the upside. We are now above the USD 50,000 level. The price target has not been reached yet. Currently, we are at around 51,300 USD.

After Bitcoin spent the whole weekend around the 50,000 USD level, last night we could see a breakout to the upside into the 51,000 – 52,000 USD area. We are holding this quite well at the moment.

But are we now in danger of a correction or can we move higher?

Bitcoin Outlook

Bitcoin and Ethereum Chart Analysis - Bitcoin on the verge of a breakout?Bitcoin and Ethereum Chart Analysis - Bitcoin on the verge of a breakout?Source: Tradingview*

At the moment, we were rejected right at our golden pocket (0.618 – 0.65 Fib. retracement level). In the short term, we found ourselves back below $51,000. This represents our last strong resistance.

Should we manage to break through the Golden Pocket during today or the next few days, and confirm it if necessary, Bitcoin could next target the USD 56,000 – 57,000 area, as there is no more resistance there.

However, if we sell off more now, our next support is around USD 50,500 and USD 49,500 for now. If these support areas do not hold, we might have to prepare for a correction.

See also  EUR USD: How to trade the Euro Dollar in the face of bearish signals and before Powell's speech?