Here is my strategy:
First of all, since the last pullback in early January, Volume has been decreasing even though we saw higher highs almost every week. I think this situation calls for a bigger correction than we have been seeing in the past two weeks.
The last structural level that is under the recent low price ($47k) is $41.986 indicated by the yellow line. It was the resistance in early January, now serves as a hard support level.
0.382 and 0.5 FIB Retracement levels are around that support level as well. I expect next week's candle to touch or close in the red box and start its bull run again.
Finally, I define my target price based on the FIB Extension of Jan -> ATH -> Expected Dip levels.
Feel free to share your weekly BTC chart analysis in the comments.
Not investment advice.
First of all, since the last pullback in early January, Volume has been decreasing even though we saw higher highs almost every week. I think this situation calls for a bigger correction than we have been seeing in the past two weeks.
The last structural level that is under the recent low price ($47k) is $41.986 indicated by the yellow line. It was the resistance in early January, now serves as a hard support level.
0.382 and 0.5 FIB Retracement levels are around that support level as well. I expect next week's candle to touch or close in the red box and start its bull run again.
Finally, I define my target price based on the FIB Extension of Jan -> ATH -> Expected Dip levels.
Feel free to share your weekly BTC chart analysis in the comments.
Not investment advice.
