BTC/USD is currently consolidating after a wild short squeeze, currently I see it doing one of two things.
1) Retest the log scale down trend starting at $20,000 till now. This is a a strong resistance point as there are multiple other resistances including daily 50 MA and daily kijun in the area.
2) Retrace to .5 fib of the entire pump in order to either establish support and try for a higher push upwards to test the resistances, or a continuation of the fall and a likely test of $6,000 support area.
Hedging both moves with proper set ups on futures and holdings.
1) Retest the log scale down trend starting at $20,000 till now. This is a a strong resistance point as there are multiple other resistances including daily 50 MA and daily kijun in the area.
2) Retrace to .5 fib of the entire pump in order to either establish support and try for a higher push upwards to test the resistances, or a continuation of the fall and a likely test of $6,000 support area.
Hedging both moves with proper set ups on futures and holdings.