BTC tends to follow fibonacci extension and retracement, plus elliot wave well.
Based on previous trends, BTC retraces each major move up to the .5 fibonacci level. So it falls back 50% of it's major move up to 'consolidate' before moving upwards again. BTC is now retracing to the .5 fibonacci level, to an estimated $54-56k area. This would complete the Elliot wave part 4.
Based on the recent major move to $65k, an fibonacci extension can be used to measure that move and aid us in predicting the next major resistance level and also complete Elliot Wave part 5. The Fibonacci Extension predicts that based on a retrcement to $54-56k area, the an extended move will reach $80k. This logically makes sense as traders love round numbers to work with. If the $80k dollar is exceeded on a pump through, the next resistance would be at the 1.618 extension, which is $96k. I would expect $100k to be the true resistance, but setting sell orders for swing traders slightly underneath would be the risk appropriate strategy.
I currently have no position in Bitcoin. This information is based on my opinion and a bullish market segment, any bad news may alter this prediction.
Based on previous trends, BTC retraces each major move up to the .5 fibonacci level. So it falls back 50% of it's major move up to 'consolidate' before moving upwards again. BTC is now retracing to the .5 fibonacci level, to an estimated $54-56k area. This would complete the Elliot wave part 4.
Based on the recent major move to $65k, an fibonacci extension can be used to measure that move and aid us in predicting the next major resistance level and also complete Elliot Wave part 5. The Fibonacci Extension predicts that based on a retrcement to $54-56k area, the an extended move will reach $80k. This logically makes sense as traders love round numbers to work with. If the $80k dollar is exceeded on a pump through, the next resistance would be at the 1.618 extension, which is $96k. I would expect $100k to be the true resistance, but setting sell orders for swing traders slightly underneath would be the risk appropriate strategy.
I currently have no position in Bitcoin. This information is based on my opinion and a bullish market segment, any bad news may alter this prediction.