On the 22nd of July before the recent BTC spike I posted a chart pointing to a BTC bottom at ~$27,300 (refer related idea link) then a few days later BTC broke out of the trading channel and had a nice spike.
My estimate for the bottom was wrong, however BTC stopped and reversed at the exact level of confluence on my chart where there was strong upper resistance of 0.618 Fibonacci level and the extreme top of the trading channel that we have been in since the big fall. Hopefully this rejection / pullback away from the Fibonacci level is just a bit of profit taking and then we can push outside this trading channel to give us a higher low and confirmation that we have left the bottom behind us. The 0.50 level (off the recent high) sits below us at ~$34,500, which will be a very important level to hold. Once we have broken out of the downward channel and also firmly breached $42k then I'd expect a very fast move towards $50k as all the traders on the side FOMO back in.
My estimate for the bottom was wrong, however BTC stopped and reversed at the exact level of confluence on my chart where there was strong upper resistance of 0.618 Fibonacci level and the extreme top of the trading channel that we have been in since the big fall. Hopefully this rejection / pullback away from the Fibonacci level is just a bit of profit taking and then we can push outside this trading channel to give us a higher low and confirmation that we have left the bottom behind us. The 0.50 level (off the recent high) sits below us at ~$34,500, which will be a very important level to hold. Once we have broken out of the downward channel and also firmly breached $42k then I'd expect a very fast move towards $50k as all the traders on the side FOMO back in.
