BTC setting up for breakout OR heading the January highs at 42k
Still range bound, nothing else to it.
Multiple scenarios:
If it can reclaim and hold 56-57k area, i think it's headed to at least the range highs. Multiple higher timeframe closes above 58.3k (february high) will probably result in an expansion towards the upper extension targets.
For bearish view if the price smashes:
1) below last weeks low (doesn't reclaim the low shown)
2) below 51.4k (that was capping the market before, also around the bigger midrange)
3) below 50.4k and holds
--> then it will probably nuke fast towards range lows at 42k or the January high. If that happens and the range lows are reclaimed fast after, I expect a bigger leg up towards the mid range, range highs and ultimately the 1.272, 1.618 and 2.0 fib extension targets above.
Additional context: quarter ending soon. Maybe puts in the bigger low in April and heads back up later in the quarter. Bigger expansions ín Q3/Q4 if this same range is still around that time and its lows have been swept, January highs retested and range lows reclaimed.
Still range bound, nothing else to it.
Multiple scenarios:
If it can reclaim and hold 56-57k area, i think it's headed to at least the range highs. Multiple higher timeframe closes above 58.3k (february high) will probably result in an expansion towards the upper extension targets.
For bearish view if the price smashes:
1) below last weeks low (doesn't reclaim the low shown)
2) below 51.4k (that was capping the market before, also around the bigger midrange)
3) below 50.4k and holds
--> then it will probably nuke fast towards range lows at 42k or the January high. If that happens and the range lows are reclaimed fast after, I expect a bigger leg up towards the mid range, range highs and ultimately the 1.272, 1.618 and 2.0 fib extension targets above.
Additional context: quarter ending soon. Maybe puts in the bigger low in April and heads back up later in the quarter. Bigger expansions ín Q3/Q4 if this same range is still around that time and its lows have been swept, January highs retested and range lows reclaimed.