Bitcoin has entered a sideways trading phase. It has leveled off at all time highs, which coincided perfectly with our Fibonacci Extension targets. After such a great ascent, it is reasonable that Bitcoin come up for air, and that is exactly what appears to be happening at the moment. Bitcoin will usually trade sideways after these mooning phases, but will let up as traders take profits in bitcoin and slosh capital back to altcoins. That is exactly what we seem to be seeing now. In fact, as we are writing this report, BTC seems to be breaking a major level at $45.6K. It will next find support at $45K, then $43.6K. It is not likely to go much further than that but we would still be bullish even if it dipped to $42K. $50K is our next target.
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Bitcoin retraced finding support at exactly the level we spelled out above.
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