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BITCOINvsUSD(BTC/USD)In previous 6 months Bitcoin(BTC) price was moving in a descending triangle. In 2November it breaks the descending triangle resistance level. Thats why we changed our position from Short to Long. In this post I will show you what will be our targets and how much time it could take to reach that targets.
Our buying point.After the breakout price was reached $6600 . Now it dips little bit and current price is around $6450. Our perfect entry point will be between $6200-6400.
Our Selling PointsFirst we have to draw the resistance lines . I have draw resistance levels with blue horizontal lines in chart. (I got the resistance levels with the help of Fibonacci tool) So our sell targets will be little below the resistance lines . Now we have to calculate how much time it can take to reach that targets. For this I'm using Fibonacci time zone tool. and I marked those in chart with using vertical thin blue lines .
Target1 - $11,000 (7 March 2019)[77%]
Target2- $14,000 (19 May 2019)[130%]
Target3- $19,000 (21 Sept 2019)[200%]