8k potential?
Updated
If the daily candle closes above the 50 ma, then this price action has the potential to run to 8k before dumping. Because most drops come with a 61% reaction rally, then 8k is possible. I ran a fib retracement from February 12th to the bottom of the dump on March 13th and found that a macro reaction rally would put us at 8000 which is the .618 fib line. This weekend should be interesting.
Note
this could also be the relative top of the retracement, hard to say. Anywhere between the .5 and .618 fib is standard for a retracement.
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