Following large trend-line breakout from ATH, BTC regained the top of the range at 42.5k. Expecting first a 50% retrace (Dow's Theory and as confirmation) to 36-35k range for last re-entry. BTC will then gain the momentum for a true range breakout and S/R flip the 42.5 area. Target 1 at $45650 corresponds to a measured move from wedge breakout, and Target 2 corresponds to a measured move from major blue trend-line breakout. At this point BTC will be sitting in the golden zone (0.382-0.618 fibs). If price action can continue the upwards trend, expect resistance around 57-61k; price will be close to all-time high, and it will have completed a deep-retrace (.786-.886 fibs). New ATH first will be 70k as it is a round number and a critical fib extension (1.13). BTC will attempt to back test the previous ATH as resistance but will fail. This will be the confirmation of the up-trend and blue-sky breakout. Last two targets are 75k (1.272) and 80k golden mean ratio (1.618 fib).
Comment:
Price didn't drop as expected but it did break out of the range to a high of 45310, a nice round number. Measured move target was almost reached. Expecting price to rise to 46k prior to an LTF reversal. There are also critical fibs, and harmonic PRZs in that area. Price could reverse to as low as 37k, but the ideal target would be above the range at 40.5-42.5. Important to note that a 50% reversal from 46k would also lead price to 37.7k (same target as harmonic completion). With some prices like silver dropping, a reversal at any point can happen. If it does look for support at 40.5-42.5k. If it fails, 37k.
