If BTC can hold above $9,770, $11,341 is the next target

The Fibonacci tool is used for the run up from $3,122 to $13,880, based on two opposing fractals on the monthly timeframe - a textbook definition of an Elliot wave.

So far we've seen the price reach lows below $7,000 but BTC-USD gyrated around the Fib level at $7,231 before providing confirmation of a reversal with a strong upmove to reach the next Fib level at $8,501.

The price is currently just above the Fib level at $9,770. The road to $11,341 is open as long we stay above this level. A weekly close above $9,770 would give further confirmation and a good entry into a long position targeting $11,341.