Fibonacci technical analysis: Bitcoin 
BTC1! has already hit its first target at Fib level -27.2% (108,395) of my Up Fib. Price currently showing shallow consolidation with support at Fib level 23.6 % (91,920). As long as there are no Daily candles closing below Fib level 23.6% (91,920), my Up Fib guides me to look for Bitcoin to eventually hit its second target at Fib level -61.8% (119,620). I would not close any open positions on BTC1! just yet.
I have a smaller Up Fib from 92,355 to 100,925. Last Daily candle (January 3) has closed above the Fib level 23.6% (98,905) which indicates a buy signal. Stop loss slightly below the 38.2% retracement Fib level (97,650).
Long on Bitcoin (BTC):
Short term Target 1 at 103,255, Target 2 at 106,220, Target 3 at 107,660
Long term Target 1 at 108,395 (already hit) and Target 2 at 119,620
BTC1! has already hit its first target at Fib level -27.2% (108,395) of my Up Fib. Price currently showing shallow consolidation with support at Fib level 23.6 % (91,920). As long as there are no Daily candles closing below Fib level 23.6% (91,920), my Up Fib guides me to look for Bitcoin to eventually hit its second target at Fib level -61.8% (119,620). I would not close any open positions on BTC1! just yet.I have a smaller Up Fib from 92,355 to 100,925. Last Daily candle (January 3) has closed above the Fib level 23.6% (98,905) which indicates a buy signal. Stop loss slightly below the 38.2% retracement Fib level (97,650).
Long on Bitcoin (BTC):
Short term Target 1 at 103,255, Target 2 at 106,220, Target 3 at 107,660
Long term Target 1 at 108,395 (already hit) and Target 2 at 119,620
Trade active
Target 1 of smaller Up Fib hit today! (Target 1 at smaller Up Fib -27.2%) I DayTrade and so have closed at Target 1.For Swing Traders: Target 2 at 106,220 and Target 3 at 107,660 possible but be cautious as today's Daily candle (Jan 6) closed below -27.2 indicating possible short term downward movement tomorrow, Jan 7.
Long term Target 1 (108,395) and Target 2 (119,620) has not changed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.