Clean fib analysis of where btc is headed into July
Greetings friends and travelers! If you are chart surfing and looking for a clean, simple and efficient bitcoin projection for the next week, look no further.
Given the strength of yesterday's buying volume, we are likely to experience a lot more upside. It was the second highest buying volume candle of the year, the first of which led to a 3-week rally in February which pushed btc up over $26,000. We may not get the same level of movement this time around, but by golly with this rock-strong reversal we should see at least a 10-20k rally from the bulls in the coming weeks. Exciting!
But, we will not get there all at once! Here is the game-plan for the next step in bitcoin's price action.
Btc just hit the .272 fib extension of its initial upward impulse move. What we would like to see now is a healthy shallow or mid-sized retracement and some consolidation around 32k in order to turn previous resistance back into support. Once that is done we will find that btc has formed an inverse H & S pattern - which will then rip upward, and hard! Rather amazingly the target of such an inverse H & S coincides almost perfectly with the .618 fib extension of the current swing low to swing high.
A monthly close above 37.25k will also create a green monthly candle and give hope to the bulls once again. Ultimately I believe we are destined to break upward out of this broadening wedge and give an initial test to the air-tight high timeframe resistance in the mid-40s. That being said, the upward ride will last for three weeks and there will be pullbacks on the way up. So, if you feel confident in your ability to time your buys and sells to maximize profit, go ahead! Otherwise, just buy the next pullback to one of the two areas indicated and hodl this sweet and beautiful asset all the way to the top of this range box and beyond :)
Given the strength of yesterday's buying volume, we are likely to experience a lot more upside. It was the second highest buying volume candle of the year, the first of which led to a 3-week rally in February which pushed btc up over $26,000. We may not get the same level of movement this time around, but by golly with this rock-strong reversal we should see at least a 10-20k rally from the bulls in the coming weeks. Exciting!
But, we will not get there all at once! Here is the game-plan for the next step in bitcoin's price action.
Btc just hit the .272 fib extension of its initial upward impulse move. What we would like to see now is a healthy shallow or mid-sized retracement and some consolidation around 32k in order to turn previous resistance back into support. Once that is done we will find that btc has formed an inverse H & S pattern - which will then rip upward, and hard! Rather amazingly the target of such an inverse H & S coincides almost perfectly with the .618 fib extension of the current swing low to swing high.
A monthly close above 37.25k will also create a green monthly candle and give hope to the bulls once again. Ultimately I believe we are destined to break upward out of this broadening wedge and give an initial test to the air-tight high timeframe resistance in the mid-40s. That being said, the upward ride will last for three weeks and there will be pullbacks on the way up. So, if you feel confident in your ability to time your buys and sells to maximize profit, go ahead! Otherwise, just buy the next pullback to one of the two areas indicated and hodl this sweet and beautiful asset all the way to the top of this range box and beyond :)