Setting up for a continuation bull run. $BTC
Good overnight session. We have very orderly price movements on the 4 hr chart...almost textbook. The MFI (Money Flow Indicator) is still above 50 and a failure of the SRSI to turn down...both positives. We have what looks like a higher low at the 10,600 / 27% fib. The fibs are showing you where support an resistance are. The 50% fib line is the next hurdle which should be taken out soon. Once it closes > 50% fib then 61.8% is in the cards. Once it touches the 61.8% fib there are 3 scenarios... Scenario 1. it reverses and drops to restest the long term trend line around 10,000. A close below 10,600 would be almost guarantee this..... Scenario 2. It fails initially at the 61.8% then consolidates between the 50%% at 11,810 and the 61.8% at 12,402 to give it a base to eventually take out 12,402...Scenario 3. A tight consolidation just below the 61.8% then a spike up toward the cloud which would be the most bullish scenario. I'm leaning toward #2.
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