BTCUSD saw some hot action this weekend, playing out nicely for my call late last week for a correction of this bull rally. Thus far we've corrected to and found support at the 38.2% fib level of our rally from $6k. I think there is potential for one final push to $8,800, but overall I am bullish on bitcoin for the time being. I believe we finished our first minor wave 1 from $5900 to $11800, and potentially our corrective minor wave 2. Once we find support, we should expect quick upward momentum for our minor wave 3. This 0.382 fib level also lines up with the 1.618 fib extension target of the bearish crab I posted about last week as well. Trade with caution though, there is still potential for further shakeouts, I see a dip to $8,800 as a healthy possibility before full recovery. The current level is one to watch as we are currently sitting at our 4 hour 200 exponential moving average (EMA), which is expected to provide us some resistance.
We are currently seeing bull divs on the 4 hour, indicating a potential reversal. We've also broken the downtrend from our recent highs near $12k.
I feel like this will reflect similarly across the market as money begins to flow back into crypto across the board.
See my past posts for longer-term price targets, currently looking towards $14,500 and $17,000.
We are currently seeing bull divs on the 4 hour, indicating a potential reversal. We've also broken the downtrend from our recent highs near $12k.
I feel like this will reflect similarly across the market as money begins to flow back into crypto across the board.
See my past posts for longer-term price targets, currently looking towards $14,500 and $17,000.
