Long term, I expect to reach top of channel and beyond.
Short-term, I expect a correction.
I like $9k as a support / launch pad, but we could go as low as $8k according to / channel alone.
The .618 FIB line is an important line in general, but you can see it has been a big part of the price action this year.
You can also see that a recovery from bottom of the channel hit some resistance on this line, and then consolidates under the line before a breakthrough and continuation up towards top of channel.
I highlighted this for you in yellow.
This channel dates back to January 2017.
It showcases the impressive uptrend Bitcoin has been in for over a year.
It also highlights the explosive growth it experienced in December, and the crash that followed.
I really like that the bottom was used as support in that crash, because it shows that this year-long channel is still very relevant.
It also shows that we're still in this uptrend.
I like the bottom of the channel to top of channel I highlighted. Lets hope this plays out.
There's one critical resistance I don't have on here that will almost guarantee the bull run / market.
I use this channel as a guide for taking profits, buying in, and even as a stop loss (breakdown of channel).
Feel free to do the same!
I like using the support test as a strong indicator that travel will continue up, but volume is a little concerning. Regardless, I think our next stop is $12k
Anything is possible though!