Bitcoin - Possible paths to 31k
Updated
3 days ago BTC hit 200 weekly MA @ 25k
I'm concentrating now my view on the 31k mark, which represents the 1.618 fib of this precedent move AND a big support zone from the retracement from May-July 2021
From here we can see 2 possible ways :
- A breakout of the weekly 200 MA (25K) and a move up as fast as the precedent one to 31k, to maybe meets the line of the channel we are actually in since 2 years
- Some retracement from here between 17k5 and 20k5 before, following the fib retracement lines. After this we should see some struggle at 25k because the line of the channel will have moved to this area therefore the weekly 200MA will constitute an even bigger resistance
16k MUST HOLDS
I'm concentrating now my view on the 31k mark, which represents the 1.618 fib of this precedent move AND a big support zone from the retracement from May-July 2021
From here we can see 2 possible ways :
- A breakout of the weekly 200 MA (25K) and a move up as fast as the precedent one to 31k, to maybe meets the line of the channel we are actually in since 2 years
- Some retracement from here between 17k5 and 20k5 before, following the fib retracement lines. After this we should see some struggle at 25k because the line of the channel will have moved to this area therefore the weekly 200MA will constitute an even bigger resistance
16k MUST HOLDS
Note
target hitNote
Btw just noticed we were now at the first black circle I draw
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