Possible targets for recovery rally
BTC is currently undergoing a healthy recovery rally, a historically popular target for such a bullish retracement is around the 0.382 fibonacci level (TP2 in the chart). I also see the possibility of a 2012 fractal playing out, meaning we could overshoot to the 0.5 fib level being followed by a rigorous correction of 50%. Such a quick happening might have to be fueled by some unusual news like a big exchange going down or regulatory happenings. In 2012 the retracement then was to around $16 from the $32 top long before.
An alternative scenario (not indicated in this chart) would be a rough target for this rally of 2x the recent bottom as this has also played out many times in Bitcoin's past; $3122 x 2 = 6244; meaning we would have just reached the top already. Spread your chances! Good luck.
An alternative scenario (not indicated in this chart) would be a rough target for this rally of 2x the recent bottom as this has also played out many times in Bitcoin's past; $3122 x 2 = 6244; meaning we would have just reached the top already. Spread your chances! Good luck.
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