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Bitcoin (BTC/USD) Follow Uncertainty, key supports for bullish movements or possible new corrections, I will analyze supports.

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Today will be an analysis of Average Lines as supports, Fibonacci and Elliot

Let's get started

Weekly MA Analysis

The price remains above the MA (Average Line) of 20 weekly periods, at the time of writing this article.

This week we saw the price pierce and it has rebounded important that the candle does not close the week below the 20-period midline to continue thinking about new highs.

Daily MA Analysis

Yesterday the price rests on the Average Line, MA of 100 periods daily chart and bounces upward.

It is important to maintain the 100-period MA to continue thinking about an upward movement with new highs in the price of bitcoin.

If it remains above the 100 MA, the price will surely remain in a range since the fall was 25% from its maximum of 53,000 dollars.

Accumulation range

Yesterday it touched the upper line of the accumulation range, again, acting as support, the price should stay above the range in the next few days.

Elliot's ABC correction

We could have finished an Elliot ABC correction and started to see a new bullish cycle in the next few days.

Downward analysis

For now, the 100-period line has served as a price support. If it breaks the line of 100 daily chart periods and the average of 20 weekly and terminal chart periods below these MA, the price could continue to decline with supports at 38000, 36000 and 30,000 dollars.

Analysis on the upside.

Weekly it looks like a normal correction, we have not lost moving lines. Keep giving bullish signals.

If the price of these values ​​takes off, it could rise again to 64,000 dollars in a few weeks, that is, the middle or end of October.

Analyzing the daily chart more resistance is seen, it does not look as bullish as weekly since it has broken several important moving lines the 20 and 50 periods daily chart.

You must overcome them again to start thinking about an upward cycle that initially reaches the previous high.

The price has to break the 20-period MA line, and the 50-period MA line, now two strong resistances for approximately $ 47,000, to think about the start of a new bullish momentum.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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