BTCUSDT: targets based on trend-based Fibonacci
BTC seems to have found a level of support, at least for now.
Looking at the trend-based Fibonacci-levels on the weekly chart we can see that BTC poked through both the weekly level at 24.297 and also throught the 0.5 Fib-level (23.943) and the 0.618 Fib-level (24.985).
The 0.618 Fib-level seems to be holding for now. BTC is also above the daily close of the 15th of june (around 25.116). Price also hit the weekly trendline.
If (and that's a serious if) BTC respects these levels, than my target levels, based on the weekly chart are:
- 39.500 / 40.000 --> 2.272 Fib
- 48.000/48.500 --> 3.272 Fib
These levels correspond with key levels on the weekly chart, as is shown by the white arrows.
But we cannot disregard the option of BTC falling below these levels. The reaction thus far hasn't been great. The buyers have not yet stepped in.
If we lose the 25.000-ish level, than 20.000 is on the table.
Looking at the trend-based Fibonacci-levels on the weekly chart we can see that BTC poked through both the weekly level at 24.297 and also throught the 0.5 Fib-level (23.943) and the 0.618 Fib-level (24.985).
The 0.618 Fib-level seems to be holding for now. BTC is also above the daily close of the 15th of june (around 25.116). Price also hit the weekly trendline.
If (and that's a serious if) BTC respects these levels, than my target levels, based on the weekly chart are:
- 39.500 / 40.000 --> 2.272 Fib
- 48.000/48.500 --> 3.272 Fib
These levels correspond with key levels on the weekly chart, as is shown by the white arrows.
But we cannot disregard the option of BTC falling below these levels. The reaction thus far hasn't been great. The buyers have not yet stepped in.
If we lose the 25.000-ish level, than 20.000 is on the table.