If Bitcoin follows the Fibonacci , to the .382 or .5, the result should be a strong support structure for future growth.
I think it should then be considered a healthy market correction after such a long monthly bullish move.
There most likely will be a lot of BUY opportunities in the .382/.5 zones.
This is not professional advise. Do your own research.
If we check what happened the last time BTC drop in this run. It dropped 30 % and rise 100% (in 30 days). The current drop was 24%, if BTC react close to the same way it did in January. By the end of march we could see 111000$ CAD per BTC. It is only if the price rise the same way. In the past, March hasn't been a good month for BTC bulls.
So far, for this drop,...
Fairly interesting to note that BTC / CAD has been trading within an ascending triangle. Given the slope at the base is at a fairly high angle, bulls seem to be succeeding over the bears.
This is typically a bullish sign and we do see a compression of volume as is associated with this consolidation pattern.
Needed for confirmation is an increase in volume over...
Stay above 21 daily MA at 11900 and 21 weekly MA at $10900. A break below 21 daily would be bad as it's showing signs of acting as support. A break below 21 weekly would show a likely change to bearish trend. I have written about the significance of 21 weekly MA before. The Price is pushing at top of bolligerband with 2 standard deviations on the daily chart. ...
Keep an eye on BTC in other currencies, by multiplying with exchange rate.
Instead of BTCUSD type this into the chooser box:
May this help you somehow.