Bitcoin did fill the 78.6% fibonacci retracement. In most situations, a fib level should be tapped twice. And that's exactly what Bitcoin is showing right now.
We saw the first spike towards this fib level. Followed by a second spike ( so far ).
What if the price goes below the trendline?
If price is going below the trendline what's currently holding, than we must watch out for a BARR pattern. ( Bump and Run Reversal )
This means we could see a major reversal in the days after the trendline failed.
What if the price stay above the trendline?
If price can maintain the trendline, than i expect a rally towards the $66000 region. This level falls inline with the -0.618 fibonacci extension (target).
Conclusion:"
I think the bulls should be able to hold this level, they have confluence with the fibonacci, the extensions are inline with the targets. If the trendline fails, i will be anticipating with shorts.
Thank you for checking my analysis!
Do you have tips or other comments? Tell me please! I'm open for feedback!
We saw the first spike towards this fib level. Followed by a second spike ( so far ).
What if the price goes below the trendline?
If price is going below the trendline what's currently holding, than we must watch out for a BARR pattern. ( Bump and Run Reversal )
This means we could see a major reversal in the days after the trendline failed.
What if the price stay above the trendline?
If price can maintain the trendline, than i expect a rally towards the $66000 region. This level falls inline with the -0.618 fibonacci extension (target).
Conclusion:"
I think the bulls should be able to hold this level, they have confluence with the fibonacci, the extensions are inline with the targets. If the trendline fails, i will be anticipating with shorts.
Thank you for checking my analysis!
Do you have tips or other comments? Tell me please! I'm open for feedback!
