Bitcoin Fibs for Target $10,000 by Jan-20 and Nov-5 target $7000
These are my Bitcoin Fibs for Target $10,000 considering our recent level at $5800-5900 is considered a resistance level that will be no more than 61% retrace after hitting 10k.
I'm hesitant to state that we may break out of the current Pitchfork. We're near the upper edge now and if we to break out, we could really move up and I may have to update my pitchfork again in a month or two after we see the new trendline emerge.
Being that we're near the top of the pitchfork, we may go sideways and slowly upward for a bit with a slow increase until Jan-20th where we could still be near or around the $10,000 mark if we stay in the upper level (unlikely). Alternately, we may still bounce around between the top and bottom of the pitchfork until January and could hit a high of $8-10k while staying in the current pitchfork.
If we break above the pitchfork (I'm kind of thinking we will, which means the future will be uncertain. Great but uncertain and could get more volatile for a month or two after a rapid rise.
If we drop within the current pitchfork, currently we could see numbers as low as $3000-3600, but I'm doubtful that we will fall that far without some major event causing a flash-crash.
I feel we are very much on track for a November 5th target of $7000 coming to fruition and if this target is hit, we could see a rapid rally out of the top of the pitchfork, possibly jumping another $1000 to $8000 within a 24 hour period after that.
I'm hesitant to state that we may break out of the current Pitchfork. We're near the upper edge now and if we to break out, we could really move up and I may have to update my pitchfork again in a month or two after we see the new trendline emerge.
Being that we're near the top of the pitchfork, we may go sideways and slowly upward for a bit with a slow increase until Jan-20th where we could still be near or around the $10,000 mark if we stay in the upper level (unlikely). Alternately, we may still bounce around between the top and bottom of the pitchfork until January and could hit a high of $8-10k while staying in the current pitchfork.
If we break above the pitchfork (I'm kind of thinking we will, which means the future will be uncertain. Great but uncertain and could get more volatile for a month or two after a rapid rise.
If we drop within the current pitchfork, currently we could see numbers as low as $3000-3600, but I'm doubtful that we will fall that far without some major event causing a flash-crash.
I feel we are very much on track for a November 5th target of $7000 coming to fruition and if this target is hit, we could see a rapid rally out of the top of the pitchfork, possibly jumping another $1000 to $8000 within a 24 hour period after that.
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