BTCUSD broke out to the upside from its bull penant consolidation, that occurred from the 50% correction that started in April. That gives the medium term price target of 100k almost perfectly. BTCUSD has been trading in a channel since June, and managed to hit the top of that channel while it broke out to new ATH. It corrected and touched the 0.382 fib level. Scaled buy levels set to the 0.382, 0.5, and 0.618 fib level, which coincide with the bottom of the channel, and a backtest of the bull penant. For the short term (4 hour chart), the price was trading in a descending wedge and broke out to the upside. This could start a major parabolic move that eventually gets us to 100k, but the price level that the descending wedge suggests is 86k, which also happens to be the 1.618 fib level from the 50% correction that occurred in April.
Comment:
BTCUSD hit the 0.5 fib retracement and appears to have found a bottom for now. The bottom of the bull channel acted as a support. Seems like a pretty good long entry. It's worth noting that BTCUSD normally backtests the 21W EMA and 20W MA, which historically has set the future bottom of the bear market. BTCUSD hit that back around 40k, but it did not touch those moving indicators on this retracement. From a historic perspective, if BTCUSD goes through another drawn out bear market, 40-50k may be the bear market bottom area that I'll be looking to re-enter.