Bitcoin is in berserk mode these days, continuing to hit new highs.
The weekly close was excellent: full body, double the average volume, closing at a solid ATH. This confirms and strengthens the structure.
Since it’s in price discovery, there are no price targets derived from past structures, but a projection can be made based on the Fibonacci extension by taking the top and bottom of the previous cycle.
This would place a first target around 102,000 for the initial leg up of expansion and a following one at 156,000.
These targets, of course, are not to be taken as price predictions; they’re just projections to consider, more like a game.
We’ll see where the next highs and lows settle, but for now, the only important thing is not to absorb and invalidate the expansion by dropping below 66.5K (the breakout origin). Rest assured, we’ll keep you updated day by day as we always have!
In the meantime, enjoy this period and, above all, don’t fall prey to FOMO and emotions: if you’ve developed a solid strategy over these past few years, you’ll have an edge in the market! Just as you didn’t give in to discouragement during the bear market, now’s the time not to give in to euphoria!
By Gue22 🌐🚀