Hello traders! Let's get right to it!
Since my last update, Bitcoin has traded primarily sideways, now at exactly the $5100 mark.
I have been looking for possibly a 62% retracement for a buy, but it seems we will not get that. I have revised my chart to consider now, that we have completed a 38% retrace.
So basically, I have two plays here. First, we could see a deeper retrace ($4444 would be ideal!) and re-enter long there.
Alternatively, we could be even more bullish than I previously thought, and indeed the 38% retrace will be enough to push through the next fib channel.
Most commonly in these situations, the 127% extension is the best target from a valid retracement. That would take us to the $7100 area!
If we continue to push through with this next impulse wave, it's very possibly that we could see $6k broken in the near future.
Now, get this - the 162% extension from the bear market breakout is roughly $7750 and so, I will have my ultimate target for now at $7777
Just keep in mind, this analysis is based on very long term Fibonacci channels! Soon, I will publish more TA with channels on lower time frames to get a closer look at the market.
Previous analyses:
Since my last update, Bitcoin has traded primarily sideways, now at exactly the $5100 mark.
I have been looking for possibly a 62% retracement for a buy, but it seems we will not get that. I have revised my chart to consider now, that we have completed a 38% retrace.
So basically, I have two plays here. First, we could see a deeper retrace ($4444 would be ideal!) and re-enter long there.
Alternatively, we could be even more bullish than I previously thought, and indeed the 38% retrace will be enough to push through the next fib channel.
Most commonly in these situations, the 127% extension is the best target from a valid retracement. That would take us to the $7100 area!
If we continue to push through with this next impulse wave, it's very possibly that we could see $6k broken in the near future.
Now, get this - the 162% extension from the bear market breakout is roughly $7750 and so, I will have my ultimate target for now at $7777
Just keep in mind, this analysis is based on very long term Fibonacci channels! Soon, I will publish more TA with channels on lower time frames to get a closer look at the market.
Previous analyses:
Comment:
BTC will look to test the channel resistance soon
