BTC/USD is at a key level right now. Bitcoin just opened above the .618 Fibonacci retracement level ($44,038.79). I would like to wait on a close above/below .618 to see where we might end up going however I do believe that we will retest slightly lower before ripping past $44,038.77 This is a very strong historic support and resistance, it is very unlikely that bitcoin will rip straight past without any retest. Especially since bitcoin is up 16.52% within the past week, 17.90% within the past 2 days alone. I personally don't think that bitcoin can sustain this sort of momentum especially with everything going on in the world right now. There is a lot of fear in the markets right now.
I am personally looking for a long entry at $41,273.12, which is .236 Fibonacci channel line. The market is very, very overbought right now, hence why I believe that we need to have a retest before pumping through the .618 Fibonacci retracement level. A healthy retest of lower support would lead to a more stabilized market. As of today, (03/02/21 @ 12:00am CST) the long to short ratio is almost 50/50 on a 24 hour period, which does make me partially bullish without a retest, however, if we look at simple technical analysis, we have a very large gap to fill as well as the market is incredibly overbought.
When it comes to VPVR, which is for anyone that doesn't know, in short, historic volume at certain price points; we are currently in a fairly weak zone right here, after bouncing on the .786 Fibonacci retracement level ($37,263.91). There was a huge VPVR zone right there so it made sense for it to come up the way it did. We are currently in a much smaller zone, however, at
the biggest part within that zone is right here. When it comes to breaking out or down from big zones, there is a lot of room for price to move, hence why bitcoin is up so much within a small amount of time, it traveled from zone to zone. If bitcoin daily closes above $44,038.79, I do believe we will break above this smaller zone we are in all the way to the next Fibonacci retracement level, .5 ($48,797.35). That level would also line up with the .382 Fibonacci channel level, giving an even bigger price target.
So in conclusion, I do personally believe that we will retest $41,273.12, which is .236 Fibonacci channel line, and then go straight through the .618 level, however, if bitcoin does not retest, there is a good chance that we will see a fairly straight shot straight up to the next Fibonacci retracement level. If anyone has any questions, comments, concerns, or their own ideas, please feel free to type them in the discussion board as I would love to hear what all of you have to say!
I am personally looking for a long entry at $41,273.12, which is .236 Fibonacci channel line. The market is very, very overbought right now, hence why I believe that we need to have a retest before pumping through the .618 Fibonacci retracement level. A healthy retest of lower support would lead to a more stabilized market. As of today, (03/02/21 @ 12:00am CST) the long to short ratio is almost 50/50 on a 24 hour period, which does make me partially bullish without a retest, however, if we look at simple technical analysis, we have a very large gap to fill as well as the market is incredibly overbought.
When it comes to VPVR, which is for anyone that doesn't know, in short, historic volume at certain price points; we are currently in a fairly weak zone right here, after bouncing on the .786 Fibonacci retracement level ($37,263.91). There was a huge VPVR zone right there so it made sense for it to come up the way it did. We are currently in a much smaller zone, however, at
So in conclusion, I do personally believe that we will retest $41,273.12, which is .236 Fibonacci channel line, and then go straight through the .618 level, however, if bitcoin does not retest, there is a good chance that we will see a fairly straight shot straight up to the next Fibonacci retracement level. If anyone has any questions, comments, concerns, or their own ideas, please feel free to type them in the discussion board as I would love to hear what all of you have to say!