When pulling up Fibonacci levels from the 14k top to the march 12 bottom of 3k we can see the 10k resistance sitting exactly at .681
The current retest of this giant wedge bounced beautifully on the .5 Fibonacci retracement level. This is more clearly on the 1h chart.
If we correct the size of the channel, which started at march 12 (+20%), downwards, we would end up in the mid 7k range at the .382 Fib.
This would put us passed the 200MA at 8K where there is a LOT of support.
Fun fact: the end of this huge wedge is perfectly lined up with an estimated difficulty adjustment around june 5.
Currently estimated to be between -17.12% and -9.07%.
This would only be the 50th negative difficulty adjustment in BTC's lifetime.
The current retest of this giant wedge bounced beautifully on the .5 Fibonacci retracement level. This is more clearly on the 1h chart.
If we correct the size of the channel, which started at march 12 (+20%), downwards, we would end up in the mid 7k range at the .382 Fib.
This would put us passed the 200MA at 8K where there is a LOT of support.
Fun fact: the end of this huge wedge is perfectly lined up with an estimated difficulty adjustment around june 5.
Currently estimated to be between -17.12% and -9.07%.
This would only be the 50th negative difficulty adjustment in BTC's lifetime.