Looking here, you can see that a 1.0 fib extension = $60,100.
I think the most likely outcome is a blow off top towards that extension followed by a return to 50DMA (currently at $38,600 but will likely be in the $40,700 range if this plays out.) If BTC consolidates here without any further major volatility, a 1.618 extension may be attempted at $79,500.
There has not been a bearish candle for 19 days now. Daily volume appears to be slowly dropping. RSI sitting significantly oversold at 85.5. On the last major bull run, the 128DMA was touched multiple times.
As always, be careful with short position on Bitcoin as she has been known to squeeze hard.
I think the most likely outcome is a blow off top towards that extension followed by a return to 50DMA (currently at $38,600 but will likely be in the $40,700 range if this plays out.) If BTC consolidates here without any further major volatility, a 1.618 extension may be attempted at $79,500.
There has not been a bearish candle for 19 days now. Daily volume appears to be slowly dropping. RSI sitting significantly oversold at 85.5. On the last major bull run, the 128DMA was touched multiple times.
As always, be careful with short position on Bitcoin as she has been known to squeeze hard.