Is BTC back?
BTC is breaking out of the down trend from the April 2021 highs and it appears the genesis fib levels are still being respected with a floor established at $29,890 (1.618 fib level).
I've had a target of a 2.618 fib retest ($46,443) for a while - not 100% sure about new ATHs just yet but watch this space.
Weekly timeframe below for larger view of genesis fib levels - indicators have also been reset for bullish move up:
BTC is breaking out of the down trend from the April 2021 highs and it appears the genesis fib levels are still being respected with a floor established at $29,890 (1.618 fib level).
I've had a target of a 2.618 fib retest ($46,443) for a while - not 100% sure about new ATHs just yet but watch this space.
Weekly timeframe below for larger view of genesis fib levels - indicators have also been reset for bullish move up:
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FWIW here's the same TL using a logarithmic scale - which has also been broken out of today
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Daily about to close above the 2.618 fib (46.5k)
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BTC has been flirting with the 2.618 fib for a few days now...
But we now seem to have a proper breakout - hoping for a 3rd green daily candle ideally to confirm the breakout
But we now seem to have a proper breakout - hoping for a 3rd green daily candle ideally to confirm the breakout
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2.618 back tested and now acting as support
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Zooming in to 1hr - I'm looking for the potential double top to be invalidated for bullish continuation.
In my opinion above Monday's high of 50,500 we can start to look for retesting 60k May high
In my opinion above Monday's high of 50,500 we can start to look for retesting 60k May high
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Risk is on in crypto
Looking for bullish continuation above the previous high - $50,562.11
Looking for bullish continuation above the previous high - $50,562.11
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On 2hr timeframe I'm still seeing bullish structures - bull flag after bull flag, and 49,000-49,500 area has turned from resistance to support. The H&S on thursday was a fakeout.
However BTC still needs to break $50,500 with conviction for bullish continuation
However BTC still needs to break $50,500 with conviction for bullish continuation
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As long as this area holds until tomorrow night for a nice green weekly candle we should be all set to break up above this range next week...
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Now targetting 57.5k - 60k region
A strong rejection here and I think we revisit the 1.618 (~30k).
A strong break, or a slow break and then backtest to find that 46.4k now acts as support, is in my opinion very bullish.
Stating the obvious this is over simplifying things and only looking at one metric - however the genesis fib levels from 2017 high have worked very well so far this year, and as stated in my previous post many indicators have reset, and price has returned to MAs/mean - so it is not unreasonable at all to expect price to move higher from here