How high will Bitcoin's rally go?
Well no one knows. But here are two levels to watch....
We have significance confluence of fib levels based off the major highs and lows from the last two years. The Golden Pocket level has been very significant in both directions. We also have confluence of a third Golden Pocket with the downwards sloping resistance.
I agree with Crypto Sniper Francis Hunt that these rallies are like mini after shocks from the 2017 euphoria. What we are seeing is probably a new smaller rally within a long term continuation pattern, rather than the beginning of a new macro bull move. The new local high probably will not reach 2019 highs.
If the Golden Pocket is respected a third time we could be looking in the region of $11.4k, but we will see a lot of resistance on the way plus another key level at the 0.5 line around $10.2k.
Or it could reverse later today and make a new bottom. Be prepared either way :)
Well no one knows. But here are two levels to watch....
We have significance confluence of fib levels based off the major highs and lows from the last two years. The Golden Pocket level has been very significant in both directions. We also have confluence of a third Golden Pocket with the downwards sloping resistance.
I agree with Crypto Sniper Francis Hunt that these rallies are like mini after shocks from the 2017 euphoria. What we are seeing is probably a new smaller rally within a long term continuation pattern, rather than the beginning of a new macro bull move. The new local high probably will not reach 2019 highs.
If the Golden Pocket is respected a third time we could be looking in the region of $11.4k, but we will see a lot of resistance on the way plus another key level at the 0.5 line around $10.2k.
Or it could reverse later today and make a new bottom. Be prepared either way :)
