Bitcoin to Correct
Bitcoin is trading outside the upper 6 fibonacci level on the weekly chart. The last four times this happened a correction followed.
It's possible we could see another week of upward momentum before falling into correction.
The most severe outcome could take BTC to sub $5,000 levels while the slightest correction would bring it to around $9,000-$9,500.
The base case scenario seems to be a correction that brings the price down to ~$8,500.
Any dip beneath the mid line should be seen as an opportunity to buy the dip. That is, so long as external risk (political, economic, etc.) continues to ease or remains muted.
It seems prudent to hold through this correction, even if it lasts several months, as I believe we will see BTC reach new highs this year.
Price at time of publishing: $11,899
Technicals:
RSI - 80.85
Volume MA - 85.95k
Fibonacci levels
It's possible we could see another week of upward momentum before falling into correction.
The most severe outcome could take BTC to sub $5,000 levels while the slightest correction would bring it to around $9,000-$9,500.
The base case scenario seems to be a correction that brings the price down to ~$8,500.
Any dip beneath the mid line should be seen as an opportunity to buy the dip. That is, so long as external risk (political, economic, etc.) continues to ease or remains muted.
It seems prudent to hold through this correction, even if it lasts several months, as I believe we will see BTC reach new highs this year.
Price at time of publishing: $11,899
Technicals:
RSI - 80.85
Volume MA - 85.95k
Fibonacci levels
- Up 6: 10791.77
- Mid line: 5864.48
- Down 6: 935.8
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