Bitcoin short term Fibonacci Retracement
Bitcoin seems to have broken out of a descending wedge allowing us to chart a run-up with a break and restest at the 78.6 fib - a great psychological level of $33500. This is showing some short term confirmation on the break and retest BUT does not confirm further upside just yet. We must hold this level and even create some futher higher highs in a bull flag or other market pattern. For now, this is a BIG BULLISH confirmation on the week! I already have BTC positions hedged but the 33,500 area is a great area of interest for traders to watch for in the coming week.
What we need:
1. More craziness in the US of A with stonks
2. Just kidding but, with the way things are going we have a continued increase in societal and economic turmoil worldwide. The bullish stock market has been a veil over our eyes in a way.
3. If we are totally wrong then the stock market should perform significantly better this week. Win-win? Eh I rather see Bitcoin 10 fold.. but I digress
4. Watch out for dollar weakness. I will post a DXY chart later this weekend after it reaches a certain point I have been watching.
Happy Trading!
What we need:
1. More craziness in the US of A with stonks
2. Just kidding but, with the way things are going we have a continued increase in societal and economic turmoil worldwide. The bullish stock market has been a veil over our eyes in a way.
3. If we are totally wrong then the stock market should perform significantly better this week. Win-win? Eh I rather see Bitcoin 10 fold.. but I digress
4. Watch out for dollar weakness. I will post a DXY chart later this weekend after it reaches a certain point I have been watching.
Happy Trading!
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