Hello,
Following the good progress of bitcoin, as indicated in my previous post, the first profit-taking was to be at the level of $ 8300 which is the level 0.618% of Fibonacci of the latest visible trend + a weekly Resist to $ 8600 in case of very strong Momentum.
here is my analysis:
- We are currently exactly at the level of Fibonacci 0.168% after typing the level of the Resist line (red line) in H4 at $ 8400.
- The hesitation of the price, if Fibonacci break 0.618% + break R2, the next target will be $ 8600 as expected, but caution there is a good chance of a retracement after the progression of bitcoin.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency. I'm not an investment adviser and the information shared on my blog is not meant to be a solicitation or recommendation to buy/sell any instrument. Future trading results can never be guaranteed.