Bitcoin Bull and Bear viewBTC Analysis on the weekly time frame
Bitcoin forming a triangle formation with LHs and HLs. It is currently finishing its Wave D which shall stretch upto 61.8% FIb extension ABC. This shall give the Target 1 as 10,000 which seems to be achieved anytime soon.
A further extension of the Wave D to 100% Fib extension ABC shall give the Target 2 level at 14200-14500.
Any pullback to Wave E shall be suggested to reach fib retracement level 50%-61.8% giving the buy zone at 7300 levels. The bear phase shall start if the bitcoin pullback stretches further to 88% of Fib Retracement level at 5000 which shall be very difficult for bear currently.
Stay alert and happy trading!
