BTCUSD $58,000 Local High Target

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been reversing off the $44,854 level and has found the bottom there. From here, Bitcoin is going to hit the $54,028 level of resistance and gain that as support before moving up to hit the local high.

You can call this whatever cup & handle pattern you want, but regardless the momentum is upwards and the price isn't going to stop at the $58,000 local high.

After Bitcoin regains the $54,000 level of support, its going to hit the local high distribution zone before moving up and creating newer highs around $68,000.

All of these levels are Fibonacci levels that've been drawn around Thanksgiving 2020 and have been very well respected so far.
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Great idea
+1 Reply
kyer HediyeeRowshan
@HediyeeRowshan, Thanks!!!
well done. looks good!
+1 Reply
kyer TradingAxis
@TradingAxis thank you
Great analysis!!!
+1 Reply
kyer kliviarocha
@kliviarocha Thank you!!
Or it will turn back to 40ks after bouncing from 55k resistance
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