here's my analysis of bitcoin
the price action has hit the 78.6% perfectly, this shows that the fib levels are being respected.
If we see a reversal right now and the fibs are respected, we have the potential of seeing a new all-time high, however, I believe we won't see $100k this bull run; my potential target is $80k area. There are many psychological reasons why I believe BTC won't hit $100k.
If we break the red dotted line we will see an all-time high, however, if we reject it that indicates we have reached the top, due to the market structure it has created (head and shoulder) moreover another confluence is that it would have retested the trend line. Therefore we will have to be patient.
However BTC will be sub 20k soon, so make sure to take profits
the price action has hit the 78.6% perfectly, this shows that the fib levels are being respected.
If we see a reversal right now and the fibs are respected, we have the potential of seeing a new all-time high, however, I believe we won't see $100k this bull run; my potential target is $80k area. There are many psychological reasons why I believe BTC won't hit $100k.
If we break the red dotted line we will see an all-time high, however, if we reject it that indicates we have reached the top, due to the market structure it has created (head and shoulder) moreover another confluence is that it would have retested the trend line. Therefore we will have to be patient.
However BTC will be sub 20k soon, so make sure to take profits
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.