This is a short term view of Bitcoin's direction based on my analysis using the Fibonanci retracement tool from the previous all time high, and the low of the retracement which fell to approximately $5800. I also am showing previous decending trend lines on the chart which Bitcoin had broke out of to show signs of bullishness. With horizontal lines shown where key retracement factors are in perecentages. I believe we will be seeing bitcoin move towards the eclipse yellow area shown in my chart by the intersecting .36 percent retracement. If we continue to move upwards from here the next key areas are shown above in retracement percentages with horizontal lines in different colors/patterns.
Lets see how this plays out..
Lets see how this plays out..
Comment:
Correction: Wavy blue line is the 200 day exponential moving average not 100 day.