BTCUSD - BITCOIN is now at the point of testing the MA50 1W, the closing of which technically decides the extension of the 2023 rally. This interesting pattern shows that Bitcoin is inside a Channel Up since the end of the 2017 Cycle and the Fibonacci levels act as critical Support/Resistance levels.
In 2018-2019 Fibonacci 0.5 was the first Support of the Bear Cycle and then turned into Resistance twice. The 2019 rally peaked there.
This time it was Fibonacci 0.618 that provided the first wave of Support in 2021 and then turned into Resistance in early 2022. The continuation of this Channel Up parameters suggest that Fibonacci 0.618 might be the target of this rally if weekly closes over the MA50 (RSI also on the same 2019 level).
Hard as it may seem to believe right now, a summer 2023 estimate puts Fibo 0.5 at $50000 and Fibo 0.618 at $65000.
Follow us, like the idea and leave a comment below!!