On the weekly chart, BTC made a 50% retracement that was very close to being invalidated. The target on this weekly move is $53067.5. Unfortunately a few things need to happen before we can see these levels.
The first is an invalidation of the 50% retracement on the daily from recent highs to lows, which is at 45052.61. This would invalidate a bearish move to $36062.70.
Inside of this bearish move and off of the 50% retracement from the weekly, is a bullish daily setup. This setup was potentially front-run or may see a pull from the current price into $41186.99. The target is where things get interesting... $45108.55!!! This would invalidate the high-to-low short and hit profit which should in turn set up a new measured move within the larger setup with a $53067.50.
The first is an invalidation of the 50% retracement on the daily from recent highs to lows, which is at 45052.61. This would invalidate a bearish move to $36062.70.
Inside of this bearish move and off of the 50% retracement from the weekly, is a bullish daily setup. This setup was potentially front-run or may see a pull from the current price into $41186.99. The target is where things get interesting... $45108.55!!! This would invalidate the high-to-low short and hit profit which should in turn set up a new measured move within the larger setup with a $53067.50.
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