BTCUSD BACK TO THE ML
The ongoing trend in Bitcoin has been bullish since the asset completed a consolidation. Different time frame shows that an upswing is strongly coming in. On the weekly time frame, a dragonfly candle stick appeared. Dragonfly Doji patterns with a longer lower shadow tend to be a greater indicator of an upcoming reversal since the bulls were forced to post a stronger recovery from the lows for the period.
Using the PITCHFORK: A Pitchfork on the daily(1day) chart shows price reaching the 0.5 fib level. The 0.5 level is borrowed from Fibonacci retracement. Price has since returned to the mean of the trend, as is expected when buying extreme lows or selling extreme highs. This makes the number one rule of the pitchfork important and reliable. THERE IS HIGH PROBABILITY THAT PRICE WILL REACH THE LATEST MEDIAN LINE(ML) A reversal back to the ML which is the 0.5fib retracement level,serves as previous resistance on the 20th of january 2018. With a price target of $12k - $13k at exactly 0.5fib, still remains the target, little consolidation will be seen at the level until target it achieved