A week long Support/Resistance test of $105.14, 61.8% (50-166). I really do not know which way this will go even with a 4k+ bid wall at 105. What i am expecting is a few candles clearly above the line before a move down to check support. At which point there maybe a bounce and breakout or a gradual breakdown.
Wishing i used this method of calculating retracement earlier, we had the $65 bottom which is clearly shown here with the retracement of $50-$166. A strong rally sent bitcoin to $104 before correcting back down. There seems to have been some resistance at the 50% level during recovery.
This Retracement (High $266, Low $50.01) Shows us Bitcoin is attempting to gain support of 0.382 $94.694. I would like to see 2-3 candles clear above this level before correcting back down to test for support. The Blue line at $83.78 is the 0.764 fib of the 1.99 bottom to 266 top (found in the weekly chart).
Not being too happy with the way the retracement tool was calculating i turned to an old tried & trusted method of calculating the retracement.
The chart now indicates that support above $83.78 is crucial. Breaking that support level and and finding resistance against recovery will send the price down to the next level of support.