Bitcoin has made some exciting movement recently and we are finally nearing the previous peak of $13,874. We are currently at a major decision point at the 0.786 fib line based on the retracement of Bitcoin from its previous peak ($13,874) to the low of this run ($9,637). Right now these lines have been playing very well in terms of support and resistance and we have broken that 0.786 line at $12,967. I would advise some caution as trading volume is starting to slow down and Bitcoin has been flirting above and below this line. I can see two scenarios playing out.
Scenario 1:
Bitcoin holds above $12,967 and possibly bounces back on the line and makes movements towards $13,874. Right now indicators in the short term and even medium-term are indicating some positive movement so we can only hope for the best. Keeping my eyes on this key support level to see if we can hold this for a few hours or even the night.
Scenario 2:
If we don't hold $12,967 we can expect to see some correction. While indicators are looking positive, it looks like we can be making a reversal pretty soon on the short run. Correction is very realistic at this point as we have had some serious positive movement today and yesterday, of which I can see us correcting slightly to $12,650-12,800 and possibly see us moving sideways tomorrow. After that, I think we will again retest that key $12,967 level and attempt to break higher and aim for the target in scenario 1.
In general, things are still looking great - even if we do correct it is healthy and I think we are still on track to break that recent peak of $13,874. Let's all hope for the best and trade safely!
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Scenario 1:
Bitcoin holds above $12,967 and possibly bounces back on the line and makes movements towards $13,874. Right now indicators in the short term and even medium-term are indicating some positive movement so we can only hope for the best. Keeping my eyes on this key support level to see if we can hold this for a few hours or even the night.
Scenario 2:
If we don't hold $12,967 we can expect to see some correction. While indicators are looking positive, it looks like we can be making a reversal pretty soon on the short run. Correction is very realistic at this point as we have had some serious positive movement today and yesterday, of which I can see us correcting slightly to $12,650-12,800 and possibly see us moving sideways tomorrow. After that, I think we will again retest that key $12,967 level and attempt to break higher and aim for the target in scenario 1.
In general, things are still looking great - even if we do correct it is healthy and I think we are still on track to break that recent peak of $13,874. Let's all hope for the best and trade safely!
If you enjoyed the analysis and want to keep up to date with our account, please give Astronaut a follow and a like on this chart. Thanks!