BitcoinLong
Bitcoins Next Price Target
Bitcoins next price target, before some more meaningful resistance, is likely to be in the range of 35.7k - 36.8k.
Their is confluence of fib levels in this range. The 0.382 fib level measured from the all time high to the bear market low, and the golden pocket level (0.618 - 0.65 fib level) measured from the next macro high during the bear market to the bear market low.
We also see a bigger spike on the VPVR (Volume Profile) becoming active at this target. More volume was previously traded at this target level and these areas on the VPVR can act as support or resistance levels. This level is marked out with the white dotted line and it lines up with the 0.382 fib and the 0.618 fib.
We can also do an AB = CD pattern to calculate a measured move. This is useful when a move is made to the upside (in this case) and then corrects back to the 0.5 Fib (corrects 50% of that initial move). The measured move is then the same length as that initial move to the upside but starting at that 0.5 FIb level.
This is shown with the initial move being from 19.6k - 31k (first white dotted line). We then corrected back to 24.8k (50% of the initial move). The measured move from 24.8k (second white dotted line) is the same length as the initial move giving us a target of 36.3k. This is in line with those fib levels and the spike on the VPVR.
When their is confluence among different indicators it increases the likely hood of being a key level.
Their is confluence of fib levels in this range. The 0.382 fib level measured from the all time high to the bear market low, and the golden pocket level (0.618 - 0.65 fib level) measured from the next macro high during the bear market to the bear market low.
We also see a bigger spike on the VPVR (Volume Profile) becoming active at this target. More volume was previously traded at this target level and these areas on the VPVR can act as support or resistance levels. This level is marked out with the white dotted line and it lines up with the 0.382 fib and the 0.618 fib.
We can also do an AB = CD pattern to calculate a measured move. This is useful when a move is made to the upside (in this case) and then corrects back to the 0.5 Fib (corrects 50% of that initial move). The measured move is then the same length as that initial move to the upside but starting at that 0.5 FIb level.
This is shown with the initial move being from 19.6k - 31k (first white dotted line). We then corrected back to 24.8k (50% of the initial move). The measured move from 24.8k (second white dotted line) is the same length as the initial move giving us a target of 36.3k. This is in line with those fib levels and the spike on the VPVR.
When their is confluence among different indicators it increases the likely hood of being a key level.
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