Greetings friends, traders, analysts. I am titling this analysis Part I because, I have a few different scenarios in mind for Bitcoin here.
Now, it's clear that after these crazy past few days, we need some healthy retracement! But, there is no rule that says that has to happen - keep this in mind. The market can, and will, do whatever it wants to - this is important to remember!
Basically, what this is going to come down to is whether or not Bitcoin wants to take another stab at violating the next Fib channel. I didn't expect the first push to succeed really, I mean we just had a massive breakout and pumped clear to the top of the channel, if we had broken ANOTHER channel just hours later, well, its just kindof, too much. Of course its possible, anything is possible! It's just a lot, you know?
So, that said I do think Bitcoin can take another stab at it! If that were to succeed, I CANNOT STRESS ENOUGH HOW BULLISH THAT WOULD BE.
More likely though, we just need to catch our breath. A 62% retrace would be beautiful here. Looking back towards late August 2015, the break of the last bear market, a 62% retrace here would fit! (I'm not saying Aug '15 was a 62% retrace) My point is, at this point a 62% - 79% retrace fits exactly with a retest of the Fib channel support EXACTLY as Bitcoin did after the last bear market breakout in 2015.
Shown here:
Previous Analysis:
Now, it's clear that after these crazy past few days, we need some healthy retracement! But, there is no rule that says that has to happen - keep this in mind. The market can, and will, do whatever it wants to - this is important to remember!
Basically, what this is going to come down to is whether or not Bitcoin wants to take another stab at violating the next Fib channel. I didn't expect the first push to succeed really, I mean we just had a massive breakout and pumped clear to the top of the channel, if we had broken ANOTHER channel just hours later, well, its just kindof, too much. Of course its possible, anything is possible! It's just a lot, you know?
So, that said I do think Bitcoin can take another stab at it! If that were to succeed, I CANNOT STRESS ENOUGH HOW BULLISH THAT WOULD BE.
More likely though, we just need to catch our breath. A 62% retrace would be beautiful here. Looking back towards late August 2015, the break of the last bear market, a 62% retrace here would fit! (I'm not saying Aug '15 was a 62% retrace) My point is, at this point a 62% - 79% retrace fits exactly with a retest of the Fib channel support EXACTLY as Bitcoin did after the last bear market breakout in 2015.
Shown here:
Previous Analysis:
