Akado
Long

Bitcoin Halving Bullrun Targets

BITFINEX:BTCUSD   Bitcoin / Dollar
If we go up from current consolidation and pass the ~$700 target area, breaking the 1st FIB Retracement level - 0.236 - we will probably head to the 1st Target Area around $830. If we break that, chances are we will aim for the 2nd Target area around $1100.

I got the 1st and 2nd Target via confluence of Fib Extensions. I did a fib extension on the bigger trend which started around October and another one on the current trend which started with the breakout at the end of May. Both extensions showed the 1st and 2nd areas in common, which seem to be high probability targets, not only because of that but because they are key resistance levels as you can see during the previous bubble.

$620 seems an important short term support level which if broken, can lead us down to $580 and worse, hence the stop there.

According to this plan we a risk/reward ratio of almost 4, which is very nice.

Overall sentiment is bullish due to fundamentals.

Any input on this is welcomed.


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