Bitcoin's Bear Cycle .618 Fib Level Rejection Incoming?
Updated
We start with the falling green lined wedge that BTC just broke through on the daily chart. This along with a strong bounce off the red support line, coupled with what could be a higher low are all bullish indicators imo. Also you could say we just formed an inverse head and shoulders.
We broke the EMA 55 (in blue) and if we break the MA100 (in orange) then up we go.
Also broke above 0 on MACD.
What we notice with the fib retracements on the chart is that after a high goes down to the low, BTC makes it's way back up to the .618 fib level then drops lower. Therefore this rally should get to $8970.28 and drop lower. However, if BTC gets past this .618 level, then we have broken the current bear cycle and lookout, 11k here we come!
We are looking for more than 2 closes on the daily chart above any level stated for full confirmation.
We do still need to keep our wits about us though as January is well known for BTC losing value. This may be just a false breakout so a close above the MA100 will help ease our minds somewhat.
What's your thoughts on where BTC is heading?
Happy trading legends!
HTBB
We broke the EMA 55 (in blue) and if we break the MA100 (in orange) then up we go.
Also broke above 0 on MACD.
What we notice with the fib retracements on the chart is that after a high goes down to the low, BTC makes it's way back up to the .618 fib level then drops lower. Therefore this rally should get to $8970.28 and drop lower. However, if BTC gets past this .618 level, then we have broken the current bear cycle and lookout, 11k here we come!
We are looking for more than 2 closes on the daily chart above any level stated for full confirmation.
We do still need to keep our wits about us though as January is well known for BTC losing value. This may be just a false breakout so a close above the MA100 will help ease our minds somewhat.
What's your thoughts on where BTC is heading?
Happy trading legends!
HTBB
Note
On track, next hurdle is $8500Trade closed: target reached
Where to next?Note
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