Bitcoin has been in a strong bull run since the last swing low at 5300. For the past 22 days, it has followed a 6 day cycle. In each cycle, Bitcoin has risen and fallen to a trend line in a parabolic pattern. We are in cycle four.
A retracement to the trend line at the end of this cycle would bring us exactly to the 23.6% retracement, which is at a major psychological price barrier, $10000.
The RSI is overbought for the first time since its ATH at 7500, and it has hit a long term trend line.
The junction of the six day cycle, trend line, fibonacci retracement, and 10k price level, along with the overbought RSI and its trend line, all predict a retest of $10,000 within the next few days.
A retracement to the trend line at the end of this cycle would bring us exactly to the 23.6% retracement, which is at a major psychological price barrier, $10000.
The RSI is overbought for the first time since its ATH at 7500, and it has hit a long term trend line.
The junction of the six day cycle, trend line, fibonacci retracement, and 10k price level, along with the overbought RSI and its trend line, all predict a retest of $10,000 within the next few days.
Comment:
Falling two methods on the 240 hour chart and bearish divergence on the RSI further indicate downward movement. $10,000 is a more conservative target, though the market could break the trend line and reach lower targets. (9000, 8300)
Order cancelled:
Pattern failed. Bitcoin broke resistance.