The mother crypto posted a convincing bullish breakout to the upside of a mid term triangle formation during the last weeks and set a new ATH. Now it's time for a retrace and retest of former fib levels for consolidation, and to build solid supports for the next swing up to the 80s.
Why?
- BTCUSD reached the upper limit of the mid term regression channel and fib channels it's currently trading in
- price reached the 1.618 fib elongation level of the last upswing from Jul-Sep
- retracement here would set 83.5k as new price target, which lines up nicely with the price target from the mid term triangle formation
- a bigger retest would resemble the the wave of the last upswing in timing and height, which is a thing BTCUSD typically does
Following we could enter a new linear regression channel with steeper slope, because we're already slightly parabolic even in logscale.
_____
Of course, this is not a trading advice, just my private analysis as well as a text for entertainment purposes.
Never put your heart and your money in the same place.
You could end up with your balance getting f***** while you're doing the hard work.
Why?
- BTCUSD reached the upper limit of the mid term regression channel and fib channels it's currently trading in
- price reached the 1.618 fib elongation level of the last upswing from Jul-Sep
- retracement here would set 83.5k as new price target, which lines up nicely with the price target from the mid term triangle formation
- a bigger retest would resemble the the wave of the last upswing in timing and height, which is a thing BTCUSD typically does
Following we could enter a new linear regression channel with steeper slope, because we're already slightly parabolic even in logscale.
_____
Of course, this is not a trading advice, just my private analysis as well as a text for entertainment purposes.
Never put your heart and your money in the same place.
You could end up with your balance getting f***** while you're doing the hard work.