Hello traders! Let's get right to it! Since my last update, Bitcoin has traded primarily sideways, now at exactly the $5100 mark. I have been looking for possibly a 62% retracement for a buy, but it seems we will not get that. I have revised my chart to consider now, that we have completed a 38% retrace.
So basically, I have two plays here. First, we could see a deeper retrace ($4444 would be ideal!) and re-enter long there. Alternatively, we could be even more bullish than I previously thought, and indeed the 38% retrace will be enough to push through the next fib channel.
Most commonly in these situations, the 127% extension is the best target from a valid retracement. That would take us to the $7100 area! If we continue to push through with this next impulse wave, it's very possibly that we could see 6k broken in the near future. Now, get this - the 162% extension from the bear market breakout is roughly $7750 and so, I will have my ultimate target for now at $7777 Just keep in mind, this analysis is based on very long term Fibonacci channels! Soon, I will publish more TA with channels on lower time frames to get a closer look at the market.
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