Long

BTCUSD to $115K EOY

Using the Magic Linear Regression Channel [MW] by mwrightinc, we can create a channel on the weekly chart that shows that BTC has broken out of the channel. Using the Outer Fibonacci band from the indicator, we can see where this channel break could lead to. By using a start time from a 2018 pivot low, we can see a price target of 115K with a prior retracement to the top of the channel at around 92K. With a closer pivot low start time from November of 2022, we can see that the outer fibonacci channel calls for a bounce down from around 102K, with a retracement back to at the top of the channel before heading back up.

Note

It looks like the last scenario is playing out for BTCUSD. The price fell back to the upper Magic Linear Regression Channel - about $90,700 - and is now resuming its uptrend.

After that, it could break through, but I wouldn't bet on it after such a massive move over the past 2 months. 115K still seems to be on track.

mwrightinc

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