We're currently on the path to the 4.236 Fibonacci extension, aligning with the psychological level of $150K. The market structure suggests we are in a massive bullish flag continuation pattern, with the flagpole already formed—making it likely that the pattern will repeat.
In the short term, a correction seems probable as we observe less buying pressure and lower inflows. A possible pullback to
73K to retest previous resistance as support could happen before the next leg up. However, as the saying goes, markets can remain irrational longer than you can stay solvent—and in strong bullish impulses like this, price tends to extend far beyond expectations.
Although we appear to be losing some momentum, there still seems to be enough fuel for a final push toward $150K.
In the short term, a correction seems probable as we observe less buying pressure and lower inflows. A possible pullback to
73K to retest previous resistance as support could happen before the next leg up. However, as the saying goes, markets can remain irrational longer than you can stay solvent—and in strong bullish impulses like this, price tends to extend far beyond expectations.Although we appear to be losing some momentum, there still seems to be enough fuel for a final push toward $150K.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.