On the monthly timeframe, Bitcoin had created a high in January 2018 at $17178 price point. When I calculate the last leg that happen when market broke the high from January with the Fibonacci tool, we can find Bitcoin is sitting at the strong price reversal zone 78.6% which confluence with the price point $17178. The cherry on top can be the month candlestick pattern forming and in 8 days, the data will confirm the create of that candle pattern. To recap, our confluences are:
- 17178 price point previous resistance, now creating support
- 17178 price point matches with 78.6%-month retracement of last leg
- A trendline is supporting market to stay above $17000
- A candlestick pattern is forming, a Morning Doji Star.
(We'll have to wait 8 days to confirm)
So why Bitcoin might reach $100,000?
Based off all the confluences connecting together, the Fibonacci retracement tool shows that our target is -27% which is the $85,000 and the second target -61.8% is the $110,000 price point.
Stay tune for the weekly analysis.
- 17178 price point previous resistance, now creating support
- 17178 price point matches with 78.6%-month retracement of last leg
- A trendline is supporting market to stay above $17000
- A candlestick pattern is forming, a Morning Doji Star.
(We'll have to wait 8 days to confirm)
So why Bitcoin might reach $100,000?
Based off all the confluences connecting together, the Fibonacci retracement tool shows that our target is -27% which is the $85,000 and the second target -61.8% is the $110,000 price point.
Stay tune for the weekly analysis.