BTC Price Direction From Here, 4/13/23
History says we'll likely consolidate here for several weeks, probably between $28.5k and $30.7k, bouncing back and forth between the two several times.
After that:
An upside breakout would likely Land us in the value area from back in May 0f 2021. coming in between $33.7k and $40.2k. Then again we'll be ranging between the two levels.
However a downside breakout is more probable from an ascending parallel channel, price target would be any one of these FIB areas ( coming in between $21.2k-$17.1k) or even a new lower low below $15.5k
It's also possible that both are true, we could continue in this parallel channel until May/June. At which point finally getting the downside breakout of the channel AND of the 2021 value area. Note that the Fibonacci retracement levels will change if a new higher high is put in
After that:
An upside breakout would likely Land us in the value area from back in May 0f 2021. coming in between $33.7k and $40.2k. Then again we'll be ranging between the two levels.
However a downside breakout is more probable from an ascending parallel channel, price target would be any one of these FIB areas ( coming in between $21.2k-$17.1k) or even a new lower low below $15.5k
It's also possible that both are true, we could continue in this parallel channel until May/June. At which point finally getting the downside breakout of the channel AND of the 2021 value area. Note that the Fibonacci retracement levels will change if a new higher high is put in