What is seen:
Bitcoin has formed a triangle. The opening of the triangle is about 9%.
Also I have the point where it broke the top of the channel that it was in previously that was about a 13.5% rise.
And from the bottom of the first big green candle is just over 23%.
What can be inferred from that:
After breaking out of the triangle.
My first price target is it will go up about 9% to the 1.618 fib level and consolidate under it before anything else (possibly get rejected and go down a bit).
My second is it will go to up about 13.5% and consolidate there before moving higher.
My third price target is it will go up 23%.
Approximate Target prices:
1 $51,000
2 $53,000
3 $58,000
Alternate scenario:
Bitcoin could break down from the triangle retest the top of the channel that it was in previously before moving up.
Bitcoin has formed a triangle. The opening of the triangle is about 9%.
Also I have the point where it broke the top of the channel that it was in previously that was about a 13.5% rise.
And from the bottom of the first big green candle is just over 23%.
What can be inferred from that:
After breaking out of the triangle.
My first price target is it will go up about 9% to the 1.618 fib level and consolidate under it before anything else (possibly get rejected and go down a bit).
My second is it will go to up about 13.5% and consolidate there before moving higher.
My third price target is it will go up 23%.
Approximate Target prices:
1 $51,000
2 $53,000
3 $58,000
Alternate scenario:
Bitcoin could break down from the triangle retest the top of the channel that it was in previously before moving up.
Comment:
looking like we will go to around $40k to $42k
