BITCOIN CHART SUGGESTS 3696 PRICE TARGET

BITCOIN CHART SUGGESTS 3696 PRICE TARGET

On a daily timeframe, Bitcoin (BTC/USD) is rotating a 2558 point of control forming what many call a ‘fork’. Nevertheless, this is called compression in price action, that will eventually lead to an impulse. We then use the point of control 2558 as a directional guide for hints at the next imbalance. Currently, price prints at 2795 +921bps premium rotation verse the point of control 2558. If the 3,000 mark clears there could be an upside directional imbalance to fib-ext 1.618 3696. Otherwise, if Bitcoin (BTCU/USD) was to print at a discount of the point of control 2558, the directional imbalance hint would be downside. As of right now, a premium rotation is strong indicating the dual auction market is ready for an imbalance. The question is— what direction? Judging by the premium rotation currently underway, it appears the dual market auction is attracting buyers and is ready to break higher….