Bitcoin had its moment of truth yesterday as it was ranging in the region of $55,218 - $58,109 before its breakout beyond the local high. The local high at $58,109 was created on February 21st right before the dump back down to the retest of the $44,854 support zone and formed a higher low.
From here, Bitcoin reversed back up to the topside and is right now trading at the current highest Spot price it has ever traded at $60,248. I’m expecting a wick retouch of the $58,109 level offering people who couldn’t get entry last night another shot at an entry before moving up. After this level wicks for a retest, i’m expecting the price of Bitcoin to shoot up to the 3.618 Fib level placed at $68,361.
Overnight it seems like, this $58,000 area has turned from resistance into support and is a bullish catalyst for a breakout to the topside. Bitcoin trading at a $68,361 Spot price is only 12% away from where its currently standing and 12% is no stranger to Bitcoin.
Looking at the daily time frame of Bitcoin, we can see that since the initial bull market start in November it has been creating higher highs and higher lows. The most recent example would be what we saw at the end of February as Bitcoin rejected off of the 2.618 Fib level down to $44,000 and is now trading at a higher price than ever before.
On the daily, the targets are a little bit easier to see and make sense of with more data. Bitcoin looks like its heading up towards the 3.618 Fib level at $68,361 before moving the way up to 4.236 at $77,219. This move is going to take some time because you can see each candle represents one day, 24 hours, or 6 4H candles.
From here, Bitcoin reversed back up to the topside and is right now trading at the current highest Spot price it has ever traded at $60,248. I’m expecting a wick retouch of the $58,109 level offering people who couldn’t get entry last night another shot at an entry before moving up. After this level wicks for a retest, i’m expecting the price of Bitcoin to shoot up to the 3.618 Fib level placed at $68,361.
Overnight it seems like, this $58,000 area has turned from resistance into support and is a bullish catalyst for a breakout to the topside. Bitcoin trading at a $68,361 Spot price is only 12% away from where its currently standing and 12% is no stranger to Bitcoin.
Looking at the daily time frame of Bitcoin, we can see that since the initial bull market start in November it has been creating higher highs and higher lows. The most recent example would be what we saw at the end of February as Bitcoin rejected off of the 2.618 Fib level down to $44,000 and is now trading at a higher price than ever before.
On the daily, the targets are a little bit easier to see and make sense of with more data. Bitcoin looks like its heading up towards the 3.618 Fib level at $68,361 before moving the way up to 4.236 at $77,219. This move is going to take some time because you can see each candle represents one day, 24 hours, or 6 4H candles.
