Bitcoin path to 29,000
Updated
The biggest flaw in charting is in that all methods have some sort of lag to them. If we look forward sometimes we can place patterns and discover likely outcomes.
If we draw a Fibonacci line from the beginning of this recent run (10,000 BTC) and place the .5 and .61 near our current 19,00 consolidation, you can then see how easily a shot to 29,000 could be the next move. If we can get to 29,000, we now have a strong case for holding 19,000 on a pullback.
If we're going much higher from here (which I think we are), we need to create a heavy support zone at 19,000 so we never go under it again.
If we break out to 29,000 and pullback to 19,000 area, I will be adding to my positions
If we draw a Fibonacci line from the beginning of this recent run (10,000 BTC) and place the .5 and .61 near our current 19,00 consolidation, you can then see how easily a shot to 29,000 could be the next move. If we can get to 29,000, we now have a strong case for holding 19,000 on a pullback.
If we're going much higher from here (which I think we are), we need to create a heavy support zone at 19,000 so we never go under it again.
If we break out to 29,000 and pullback to 19,000 area, I will be adding to my positions
Comment
We've broken through this congestion zone in our potential .5-.618 Fibonnaci zone and digested it well. We can now use this 16,000 low as a more firm support level and stop.
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