Well, this has been an EXCITING past week or two. Very happy to say that we breached the long term goal of $10,000. I was expecting a climb, but honestly not of that size! Cryptocurrency is finally trending again, even my parents are once again asking me about Bitcoin. That being said, like every healthy market that explodes, we are experiencing a correction. Lot's of people are thinking this is back to the bear market, but not necessarily. Correction is healthy, we went day by day seeing 15%+ leaps (which is rare with Bitcoin) without any downwards movement. Let's take a look at where our next levels can be.
First of all, we are nearly touching the 0.5 Fibonacci level at about $10,253. Looking at the way things are going, I think we will be testing that level a few more times over the next few days. We surprisingly have stopped around that price range and held well, we have to hope that we can hold $10,000 or there might be some larger falls. Now once we look at $10,253, we can look at two scenarios.
Scenario 1:
We bounce on that line. If we do, that would be fantastic news and we will be heading in an upward trend. Hopefully this means we will shoot again for $11,105 (0.382) and maybe even $12,160 (0.236). How fast we will achieve that, I don't really know. It is very possible that becomes a slow movement as we lose a bit of the crazy fast momentum we had recently. The past few weeks have been a series of hype and FOMO, but that doesn't last forever. I would honestly love some slow, almost sideways growth that can let our altcoins shine and gain back some more satoshi value.
Scenario 2:
Bitcoin breaks through that line. If that is the case, we will immediately test the psychological level of $10,000. If we break that line, we could free fall, even past the next Fibonacci level of $9,400 (0.618) - potentially as far down as $8,1876 (0.786). Hopefully, that is not the case because that would put a lot of fear into the market. I would be fine seeing us drop to $9,400 as that gives us a chance to test $10,000 again, and if it does break it will show there is still a lot of power and momentum in the market.
Regardless of which scenario, this is all healthy. Don't freak out because we are down 15% right now, this is what has been long needed. Relax, enjoy the new price levels (it still beats $6k, right?). Have faith and let the market do its thing. I'm very excited to see what happens over the next week and you should be too!
If you enjoyed the chart and analysis, as always please feel free to give a like on the chart.
I'm also launching a new cryptocurrency community discord, come check it out: astronaut.gg/discord-server/
First of all, we are nearly touching the 0.5 Fibonacci level at about $10,253. Looking at the way things are going, I think we will be testing that level a few more times over the next few days. We surprisingly have stopped around that price range and held well, we have to hope that we can hold $10,000 or there might be some larger falls. Now once we look at $10,253, we can look at two scenarios.
Scenario 1:
We bounce on that line. If we do, that would be fantastic news and we will be heading in an upward trend. Hopefully this means we will shoot again for $11,105 (0.382) and maybe even $12,160 (0.236). How fast we will achieve that, I don't really know. It is very possible that becomes a slow movement as we lose a bit of the crazy fast momentum we had recently. The past few weeks have been a series of hype and FOMO, but that doesn't last forever. I would honestly love some slow, almost sideways growth that can let our altcoins shine and gain back some more satoshi value.
Scenario 2:
Bitcoin breaks through that line. If that is the case, we will immediately test the psychological level of $10,000. If we break that line, we could free fall, even past the next Fibonacci level of $9,400 (0.618) - potentially as far down as $8,1876 (0.786). Hopefully, that is not the case because that would put a lot of fear into the market. I would be fine seeing us drop to $9,400 as that gives us a chance to test $10,000 again, and if it does break it will show there is still a lot of power and momentum in the market.
Regardless of which scenario, this is all healthy. Don't freak out because we are down 15% right now, this is what has been long needed. Relax, enjoy the new price levels (it still beats $6k, right?). Have faith and let the market do its thing. I'm very excited to see what happens over the next week and you should be too!
If you enjoyed the chart and analysis, as always please feel free to give a like on the chart.
I'm also launching a new cryptocurrency community discord, come check it out: astronaut.gg/discord-server/
Comment:
Wow, an incredible update on the Bitcoin chart! We surprisingly closed back above $11,105 (0.382) and it seems to be acting as support, look how the 2nd to most recent candle bottoms practically on that level. It seems like we are fairly hitting resistance at the next level $12,160 (0.236). This looks like scenario 2 playing out which means we are still in a bullish trend - great news for us all! Still, I would be careful. If you are short term trading Bitcoin, consider setting a stop loss around $10,990 to hedge into USDT/USD (depending on platform) in case we break the current support at 0.382. Other than that, if we break $12,160 I can see us heading to a possibly new height above $13,000. Exciting times, stay tuned!
Comment:
Typo error, meant scenario 1 not 2.
Comment:
Attaching a chart that looks at this a little closer:
