As you can see we have just (tentatively mind you) closed above the 38.2% fib retracement of the major cyclical bear market in 2017-2018 on the weekly timeframe and outside the overhead trendline i identified as the first hurdle Bitcoin would need to overcome, this is undeniably bullish for Bitcoin.
BUT...
We are also smack bang on the 61.8% fib level of the most recent move higher to $14,000 in June 2019, i will be looking for a decisive close above this level on the weekly, before i look for further continued upward pressure.
Should Bitcoin clear this area, the logical place to visit is the 78.6% retracement of the June 2019 move, which coincides with the 2017-2018 50% fib retracement, currently around the $11,500 -$12,000 USD mark.
A decisive move higher from there would target the full retracement to $14,000 USD, after which it is my belief that FOMO may very well begin to feed into itself and from there prior highs (with pullbacks along the way) are the next target.
BUT REMEMBER, we are still looking for a weekly close above the 61.8% fib level to confirm the more macro close above the 38.2%.
P.S. I strongly suggest you go back and read my earlier piece "BTC - No Longer in an Uptrend - What Now?" as this was a rather apt description of the impact that the margin calls within the stock market had on crypto, as well as an accurate forecast that due to the severity of the selling, that this was actually BULLISH, back when Bitcoin was testing the 200 weekly moving average (an excellent entry point i'll add).
-TradingEdge
BUT...
We are also smack bang on the 61.8% fib level of the most recent move higher to $14,000 in June 2019, i will be looking for a decisive close above this level on the weekly, before i look for further continued upward pressure.
Should Bitcoin clear this area, the logical place to visit is the 78.6% retracement of the June 2019 move, which coincides with the 2017-2018 50% fib retracement, currently around the $11,500 -$12,000 USD mark.
A decisive move higher from there would target the full retracement to $14,000 USD, after which it is my belief that FOMO may very well begin to feed into itself and from there prior highs (with pullbacks along the way) are the next target.
BUT REMEMBER, we are still looking for a weekly close above the 61.8% fib level to confirm the more macro close above the 38.2%.
P.S. I strongly suggest you go back and read my earlier piece "BTC - No Longer in an Uptrend - What Now?" as this was a rather apt description of the impact that the margin calls within the stock market had on crypto, as well as an accurate forecast that due to the severity of the selling, that this was actually BULLISH, back when Bitcoin was testing the 200 weekly moving average (an excellent entry point i'll add).
-TradingEdge
