Bitcoin's Potential Extended Consolidation Moving Towards $16K
Hello Traders,
Here's just one of the hundreds of possibilities where Bitcoin might go from today moving forwards into the next 2 weeks. Nothing is guaranteed.
Momentum has not been strong as expected from the breakout from yesterday and steam may be running out as we hit the $13,800-
14K-ish levels.
If and when we break out of our recent ATH of $13,800, we might just have FOMO push us up to14K, and who knows, maybe up straight up to 16K. This is Bitcoin anyway.
If and when we run out of buyers and sellers starts their move, we might see a retracement back to the golden 61.8% Fib level which is at $11,200 (a retracement to the plotted/forcasted Fib levels). $10,500 -ish is at the 78.6% Fibonacci Level.
We might then have more momentum and refuel this rocket ship during that consolidation period to reach the 16K level.
Always remember to place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Zoomed Out Chart:
Here's just one of the hundreds of possibilities where Bitcoin might go from today moving forwards into the next 2 weeks. Nothing is guaranteed.
Momentum has not been strong as expected from the breakout from yesterday and steam may be running out as we hit the $13,800-
14K-ish levels. If and when we break out of our recent ATH of $13,800, we might just have FOMO push us up to
14K, and who knows, maybe up straight up to 16K. This is Bitcoin anyway. If and when we run out of buyers and sellers starts their move, we might see a retracement back to the golden 61.8% Fib level which is at $11,200 (a retracement to the plotted/forcasted Fib levels). $10,500 -ish is at the 78.6% Fibonacci Level.
We might then have more momentum and refuel this rocket ship during that consolidation period to reach the 16K level.
Always remember to place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Zoomed Out Chart:
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