At the moment, Bitcoin is experiencing some minor turbulence as its flying on its path towards $25,000 and beyond.
As we all know, there is no support / resistance level to base my TP or pullback targets on, so I have to resort to using Fibonacci levels.
BTC is facing resistance along the 0.5 Fib level at $23671 and I think will continue to do so for the rest of the year, but going long into 2021 is a great play. In the next year I believe BTC will reach $25,000 and above however after pushing up and up it needs time to cool off and collect itself.
You can visibly see the 0.382 Fib level @ $21980 wicking to a Tee (where I bought in), so this means that these Fib levels are 100% accurate acting as support & resistance levels.
Saying this, after this period of consolidation i'm expecting Bitcoin to hit 0.618 Fib level @ $25,536 and from there we will re-evaluate.
Chances are from there that it's going to continue soaring upwards towards the 0.786 Fib @ $27771 and then eventually $30,000 to complete the Fib Extension.
Cheers traders and Happy Holidays!
As we all know, there is no support / resistance level to base my TP or pullback targets on, so I have to resort to using Fibonacci levels.
BTC is facing resistance along the 0.5 Fib level at $23671 and I think will continue to do so for the rest of the year, but going long into 2021 is a great play. In the next year I believe BTC will reach $25,000 and above however after pushing up and up it needs time to cool off and collect itself.
You can visibly see the 0.382 Fib level @ $21980 wicking to a Tee (where I bought in), so this means that these Fib levels are 100% accurate acting as support & resistance levels.
Saying this, after this period of consolidation i'm expecting Bitcoin to hit 0.618 Fib level @ $25,536 and from there we will re-evaluate.
Chances are from there that it's going to continue soaring upwards towards the 0.786 Fib @ $27771 and then eventually $30,000 to complete the Fib Extension.
Cheers traders and Happy Holidays!
Trade fermée: cible de profit atteinte:
BTC 🎯 $25,536 TP @ 0.618 Fib hit to a Tee, profits taken.
