The short term target for BTCUSD is 4700 according to the Fib retracement.
Note
We successfully tested the Fib level .5 (3500) and move toward Fib level 1 (4040) which is the first resistance.Note
Everything looks good so far and we expect the range 4400-4700.Note
If you will look at the BTCUSD dashboard you will see that the sentiment is extremely bearish. I consider the current situation as a consolidation phase needed to cool off and natural after a significant rise.Note
We have a consolidation in the range of fibo 0.786-1. It may continue for a couple of days.Note
The price dynamics looks threatening. We had a support at fibo 0.618 (3684) for now, but need to see if we will break through the blue trend line.Note
We are in wave v of wave 3 of cyle wave V. Next target range is 4550-4900.
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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.