Bitcoin to $170K with Fibo Extension ? + A walkthrough of BTC
1. Previous ATH at $60,000 in 2021 formed a double top.
2. Support ~$30,000 broke.
3. Bottom in late 2022 after a bullish RSI divergence.
4. 50% retracement at $30,000 (support-turned-resistance)
5. The 61.8% Fibonacci retracement matched RSI overbought at 70.
6. Price fully retraced 100% of its decline to hit a new ATH.
7. 161.8% Fibonacci extension has objective of ~$170,000.
Also if interested, check out my full guide to predicting crypto here:
How to Predict Cryptocurrency Prices for 2024 & Beyond: ‘Trade Facts, Not Wishes’
techopedia.com/how-to-predict-cryptocurrency-prices
2. Support ~$30,000 broke.
3. Bottom in late 2022 after a bullish RSI divergence.
4. 50% retracement at $30,000 (support-turned-resistance)
5. The 61.8% Fibonacci retracement matched RSI overbought at 70.
6. Price fully retraced 100% of its decline to hit a new ATH.
7. 161.8% Fibonacci extension has objective of ~$170,000.
Also if interested, check out my full guide to predicting crypto here:
How to Predict Cryptocurrency Prices for 2024 & Beyond: ‘Trade Facts, Not Wishes’
techopedia.com/how-to-predict-cryptocurrency-prices
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tradingwriters.substack.com/
Market Analyst at WeTrade
wetradebroker.com/education/analysis/jasper/
Contributor to SpreadEx
spreadex.com/financials/news-analysis/weekly-technical-analysis/
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