I think we're still in the middle of a retracement pattern on Bitcoin
. Zooming in on the 1hr we can see what is most likely another ascending triangle
pattern. These are typically continuations and therefore expecta break to the upside. A measured objective target of the previous move would take us to the top of the red trendline
and would touch the fib 61.8% retracement
level of the previous drop
on 24 Feb. Fib 61.8's and ascending/descending triangles are becoming a bit of a favourite for bitcoin
I can see price getting as high as 4.1k, hitting the 200 Weekly EMA
which seems to be our resistance, the expect another move back down to the 200 Weekly MA.