BTC Fibonacci setup for post fork correction
Updated
Fundamental: Everyone wants BTC before fork to get B2X, price should technically continue to rise. Everyone and their dog is margin long. Price should drop sharp post fork once people collecting B2X close their margin long positions.
Technical: BTC broke the channel top, the next clear limit is the 2.6 fibonacci retracement from the 2.9k bottom, at 8.4k. However, the pace of the increase now is too rapid to align with a 8.4k top mid november. Profit taking will cause further correction. A sharp drop back to the lower trend line is likely, followed by a 10 day climb to the 8.4k pre-fork top.
Technical: BTC broke the channel top, the next clear limit is the 2.6 fibonacci retracement from the 2.9k bottom, at 8.4k. However, the pace of the increase now is too rapid to align with a 8.4k top mid november. Profit taking will cause further correction. A sharp drop back to the lower trend line is likely, followed by a 10 day climb to the 8.4k pre-fork top.
Note
Fork is cancelled, so the fundamentals are broken :(Timing of rebound was close but magnitude was off, so much FOMO
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