BTCUSD
It is quite easy to see that these two moving averages are playing a new role of support for the recent price action of BTC(past 2-3 years or so). Before this there was a point where it support the dead cat bounce of 2017 and the low after the local peak of 2013.
If these moving averages continue their support of the bull run, here are the current price targets...
Fibonacci Correlated?
The 1.272 target is very well placed within the SMA-EMA target, confirming our analysis.
Conclusion
However this doesn't mean that BTC has to reach these targets.
We could very well stop just before the previous low of 45k or trickle down to the first wick low of 42k; like BTC did during summer.
So take it with a grain of salt and perhaps think of these targets as possible buying opportunity or opening longs; rather than shorting from 47k.
