I am still bullish on Bitcoin very long term, but in the short run, things are slightly uncertain but starting to look rosier. The bulls seem to be taking control now with BTCUSD now making higher highs and higher lows. It appears that the momentum has switched to the upside as the 20-day moving average has crossed up through the 50-day moving average; indicating a potential change in trend. It has also just reached its .236 fib level at 24,261.96 and has been fighting it.
BTCUSD appears to now be at a decision point with 3 choices:
1) Hold & break .236 Fib level and truly establish an uptrend
2) Build a big base with a lot of accumulation at the .236 Fib level as bulls and bears duke it out (setting up for a very large directional move, direction unknown)
3) Lose hold of the .236 Fib level and head lower showing bears still have some control/fight left
The previous battleground was the .382 Fib level which is 29,625.82 on bitcoin. The new battleground/key level as previously stated is the .236 Fib level, 24,261.96.
Once bitcoin breaks through the .236 Fib level, I believe it will hit my shorter-term price target of 30k.
BTCUSD appears to now be at a decision point with 3 choices:
1) Hold & break .236 Fib level and truly establish an uptrend
2) Build a big base with a lot of accumulation at the .236 Fib level as bulls and bears duke it out (setting up for a very large directional move, direction unknown)
3) Lose hold of the .236 Fib level and head lower showing bears still have some control/fight left
The previous battleground was the .382 Fib level which is 29,625.82 on bitcoin. The new battleground/key level as previously stated is the .236 Fib level, 24,261.96.
Once bitcoin breaks through the .236 Fib level, I believe it will hit my shorter-term price target of 30k.
