BTCUSD: 50% Fibo retracement as target?
In the last analysis, I already mentioned 40k as a possible price target. Coincidentally, at 42k lies the 50 Fibonacci retracement, which at the same time corresponds exactly to the striking high of January 8, 2021.
The high of January 8, 2021 is so important because very many onchain indicators measured maximum overheating on that date.
The January 8, 2021 high or 50 Fibo retracement is unlikely to be easily broken. A retest to the 200 weekly moving average (green curve) is then possible.
The area around 35000 USD can also be considered as an intermediate target. The area must be exceeded to reach 40 to 42k USD.
The high of January 8, 2021 is so important because very many onchain indicators measured maximum overheating on that date.
The January 8, 2021 high or 50 Fibo retracement is unlikely to be easily broken. A retest to the 200 weekly moving average (green curve) is then possible.
The area around 35000 USD can also be considered as an intermediate target. The area must be exceeded to reach 40 to 42k USD.
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