The short term target for BTCUSD is 4700 according to the Fib retracement.
Comment:
We successfully tested the Fib level .5 (3500) and move toward Fib level 1 (4040) which is the first resistance.
Comment:
Everything looks good so far and we expect the range 4400-4700.
Comment:
If you will look at the BTCUSD dashboard you will see that the sentiment is extremely bearish. I consider the current situation as a consolidation phase needed to cool off and natural after a significant rise.
Comment:
We have a consolidation in the range of fibo 0.786-1. It may continue for a couple of days.
Comment:
The price dynamics looks threatening. We had a support at fibo 0.618 (3684) for now, but need to see if we will break through the blue trend line.
Comment:
We are in wave v of wave 3 of cyle wave V. Next target range is 4550-4900.
