Market breaks resistance and promises a high week. Analysts are already optimistic for a continuation of the trend.
BTC/BRL market suffered a strong drop, there was a possible absorption withultra high on the red bar of the daily chart, after that the market did not work below the low of the bar, so there was a possible absorption for a long time together with a bid test with no sell flow.
As soon as the 2 LTB’s are broken, the price starts to rise with a buyer flow and resumes its primary upward movement.
My idea is that the asset continues in the uptrend, but I make a partial exit and put a profit in my pocket in the range of R$ 250k and I remain long, surfing a possible bigger move. (See PivotChart).
We are in a decisive region for Bitcoin, as we are in the main LTB breakout region of the correction, from this breakout and consolidation we can already project targets with the Fibo extension in the region of 1.61 and 2.61 (targets 01 and 02 from the chart above).
Stop region: We have an interesting short stop buying region just below the main LTB broken into black. (see full review).
Yesterday’s LTC price rose to 172 in a great bullish move, pulling away from 150 for a long time and even after the early morning correction managed to stay above 160, making a new ascending bottom on the H4 chart, above the 9 moving average. which suggests continuity of movement.
On the daily chart the price of Litecoin has fixed above the 90-period moving average and the 200-period is way above the 190, leaving the price unencumbered until then as long as the market as a whole remains strong. Expectations are up to 175/180 with a loss of strength in the region. (See PivotChart).
Cardan chart shot over 25% in the last 48 hours. The price is reaching an attention region (1.80) because the That region is target 1.decreases at this point, potentially threatening a pullback. by the fibonacci extension
Looking to the horizon, theolder notable (February) highlights the top well being slightly above (1.88) and Fibo’s target 2 comes out at 1.93 giving a hint of where the price might look before a pullback.
Below the most important support is from the 1.45 region, above that I am bullish. The resistances to be overcome are in the region of 2~2.20. (See PivotChart).
Disclaimer: The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media outlet in which they are being advertised. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Morales Trader, Talles Souza, Allan Jhones and Gabriel Fauth.