Bitcoin with a breakthrough of a main resistance

BTC/USD D1 Our expectations:

Long-term trend – long and medium-term short correction. Major breakthrough at a key resistance level coinciding with a break in the wedge figure. The current price gives a good opportunity for entry with a close stop and a good risk/reward ratio.

Price Action: A gap for increase above the resistance zone. Gap cannot be filled and the price resumes its upward movement.

Test up to 61.8% Fibonacci on the last upward movement.
Price above 50SMA and 200SMA. MAs in A BULLISH formation.
Demarker In neutral territory.

SL: 8600

Alternative scenario: Returning the price below 8600 means filling the gap and probably a new test at the bottom, around 7100.

 Trader Georgi Bozhidarov

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