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BITCOIN, detailed overview. Time to go back where we came from

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hey, fam , welcome on our BITCOIN analysis for the day!

Looking at the WEEKLY timeframe chart, we can identify that the sentiment of the market is super bullish and our friend will keep flying to the Moon and beyond. Moreover, as it can be seen from the chart, the previous WEEKLY candle has rejected the zone of previous resistance turned support, which indicates that the correctional moves are over with and it's time to keep rising.

When it comes to the H8 timeframe chart, which we can find on the right-hand side of the screen, a massive bullish candle has penetrated through the previous Lower Low and is now on its way to re-test the broken structure. The same structure perfectly aligns with the 50% Fibonacci retracement level, and therefore, we will be eyeing that particular zone for opening BUY positions.

Our initial target will be set at the All-Time High level, which is the area of $69k. However, we believe that there is a possibility for the price to keep rising beyond that point.

Have an awesome trading week, family!

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