Bitcoin
XBTUSD.P
had an impressive ~30% up move in the new year.
The bullish scenario: Price moves towards the 0.5 fib level with a possible pullback at 9370.
The Bearish scenario: Price rejection at 0.618 level and returns at 7k-sh range with a test of the lower levels.
Leaning towards the bullish hypothesis.
Possible retest at 8480 levels.
If this fails 80**sh level could act as a support.
Below 79** region, things are turning bearish again.
XBTUSD.P
had an impressive ~30% up move in the new year. The bullish scenario: Price moves towards the 0.5 fib level with a possible pullback at 9370.
The Bearish scenario: Price rejection at 0.618 level and returns at 7k-sh range with a test of the lower levels.
Leaning towards the bullish hypothesis.
Possible retest at 8480 levels.
If this fails 80**sh level could act as a support.
Below 79** region, things are turning bearish again.