$BTC/$USD Has increased velocity in a new Fibonacci channel.
The only way to make sense of Bitcoin price action even in the logaritmic scale a fibonacci fan could come handy.
We broke the upper trend line when we passed 9,000 dollars in this parabolic momentum.
The new support is what was the old upper trend line and more support is given by the fibonacci 0.75 line.
We are in the direction to test the 0.618 line at 20,000 dollars.
From here a correction is probable down to test the new support line (the old top trend line) down to 11,200 dollars or more likely a test of the new channel down to around 10,000 dollars.
A bounce could lead us, strong of the solid momentum up to 30,000 dollars.
If we break the 10,000 level we have solid support around 7,500 dollars and we will initially re-establish in the older channel with a bounce to the 14,000 area and then retest the new fibonacci fan line with a slower upwards momentum unless solidly broken again.
We broke the upper trend line when we passed 9,000 dollars in this parabolic momentum.
The new support is what was the old upper trend line and more support is given by the fibonacci 0.75 line.
We are in the direction to test the 0.618 line at 20,000 dollars.
From here a correction is probable down to test the new support line (the old top trend line) down to 11,200 dollars or more likely a test of the new channel down to around 10,000 dollars.
A bounce could lead us, strong of the solid momentum up to 30,000 dollars.
If we break the 10,000 level we have solid support around 7,500 dollars and we will initially re-establish in the older channel with a bounce to the 14,000 area and then retest the new fibonacci fan line with a slower upwards momentum unless solidly broken again.
Comment:
Bounced off the top of the channel. As per the analysis
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