If you dont believe in Fib levels of support and resistance then take a look at the daily chart of BTC during this recovery.
The first recovery impulse wave moved us to exactly the .382 fib resistance. Price corrected exactly to the .236 where it bounced for the 2nd wave to the .5 fib that is currently acting as resistance. Failure to push above this for the last 3 days signals a retracement to the .382 is very possible.
I'm selling 100% of my BTC if we don't make a move through the .5 by COB. I'll repurchase at the .382 fib or rebuy if it sustains above the .5 fib. 3 attempts without punching through the .5 fib is a signal that hunger for BTC is temporarily stalling. Short term sellers will add to the selling pressure once the retracement begins which should provide enough momentum to push BTC into a small correction. I am not shorting.
BTC has turned bullish in all the key metrics that triggered my selling at the end of May. My only concern is BTC.D did not follow through with a breakout above the rising wedge. It hit the top of the rising wedge and broke down to pierce the bottom of that wedge. Its currently trading sideways, but there seems to be a much stronger wave of increased price action in top tier alts. This is where I'm more heavily concentrated so BTC.D is acting as a guiding light.
Will BTC hit new ATH's? My conservative price target is 86,000 based on the 1.6 fib extension off this most recent correction. However, for me, BTC has to break the .702 fib retracement at 54,100. If it fails to do that, I will take out all my positions. So, my minimum price target for BTC is 54,100.
The first recovery impulse wave moved us to exactly the .382 fib resistance. Price corrected exactly to the .236 where it bounced for the 2nd wave to the .5 fib that is currently acting as resistance. Failure to push above this for the last 3 days signals a retracement to the .382 is very possible.
I'm selling 100% of my BTC if we don't make a move through the .5 by COB. I'll repurchase at the .382 fib or rebuy if it sustains above the .5 fib. 3 attempts without punching through the .5 fib is a signal that hunger for BTC is temporarily stalling. Short term sellers will add to the selling pressure once the retracement begins which should provide enough momentum to push BTC into a small correction. I am not shorting.
BTC has turned bullish in all the key metrics that triggered my selling at the end of May. My only concern is BTC.D did not follow through with a breakout above the rising wedge. It hit the top of the rising wedge and broke down to pierce the bottom of that wedge. Its currently trading sideways, but there seems to be a much stronger wave of increased price action in top tier alts. This is where I'm more heavily concentrated so BTC.D is acting as a guiding light.
Will BTC hit new ATH's? My conservative price target is 86,000 based on the 1.6 fib extension off this most recent correction. However, for me, BTC has to break the .702 fib retracement at 54,100. If it fails to do that, I will take out all my positions. So, my minimum price target for BTC is 54,100.