Bitcoin has almost completed its Fib Extension cycle and will complete it when it hits a $30,000 , more specifically $30838.
I don't normally use Fibs, actually this Fib Extension was my first time properly using it, but it does the trick for sure. Every line drawn out beyond the previous ATH has hit to a Tee and been well respected in terms of support & resistance.
After BTC hit 27k, we saw it tap 28k for a brief moment and then dump back down underneath the 0.786 Fib level to not get a single candle close over it. From here, I was expecting BTC to retouch 25k before moving back up but we may not see that at this point. Bitcoin looks like its gearing up for another move upwards & will make a decision very soon where it wants to go, most likely in the next few 4-hour candles if not the next one.
The next target I have for my take profits on LONG for BTC is
TP1 🎯 $30,000
TP2 🎯 $30,838 (1.0 Completing Fib Extension)
Also the stimulus checks are coming, the Donald just signed them in tonight to avert a government shutdown on Tuesday. Let's take a step back and realize that the 1st time we got the stimulus checks on April 18th, Bitcoin passed $10,000 for the 1st time since the 2019 summer bull run high. This time around, history is repeating itself but Bitcoin will print to $30,000 from 'this news'. I want to say the news but fundamentals line up perfectly corresponding to technical analysis.
Let me know your thoughts, cheers traders
I don't normally use Fibs, actually this Fib Extension was my first time properly using it, but it does the trick for sure. Every line drawn out beyond the previous ATH has hit to a Tee and been well respected in terms of support & resistance.
After BTC hit 27k, we saw it tap 28k for a brief moment and then dump back down underneath the 0.786 Fib level to not get a single candle close over it. From here, I was expecting BTC to retouch 25k before moving back up but we may not see that at this point. Bitcoin looks like its gearing up for another move upwards & will make a decision very soon where it wants to go, most likely in the next few 4-hour candles if not the next one.
The next target I have for my take profits on LONG for BTC is
TP1 🎯 $30,000
TP2 🎯 $30,838 (1.0 Completing Fib Extension)
Also the stimulus checks are coming, the Donald just signed them in tonight to avert a government shutdown on Tuesday. Let's take a step back and realize that the 1st time we got the stimulus checks on April 18th, Bitcoin passed $10,000 for the 1st time since the 2019 summer bull run high. This time around, history is repeating itself but Bitcoin will print to $30,000 from 'this news'. I want to say the news but fundamentals line up perfectly corresponding to technical analysis.
Let me know your thoughts, cheers traders
