Bitcoin (BTCUSD) is extending its main 1W MA50 (blue trend-line) fueled rebound, which only recently confirmed the continuation with a short-term bounce on the 1D MA50. The short-term setting is transferred now back to the long-term and the next Resistance, which is the middle (0.5 Fibonacci level) of the macro Channel Up, that has been dominating BTC's price action since late 2017.
The 0.5 Fib has made its last rejection/ failed attempt to break on December 16 2024. It's been holding as a Resistance since May 02 2022. The last two Cycle Tops however haven't only been priced above the 0.5 Fib but above the 0.786 level too (obviously as close to the Channel Top as possible).
As a result, if BTC does break above the 0.5 level, a 'mere' test of the immediate upper Fib (the 0.618) could be translated by the end of the year (timing of Cycle Top) to a $200k test. That would also be a test of the Top of the 1st SD above (red Zone) of the Mayer Multiple Bands (MMBs), which is technically still within high tolerance levels.
So do you think we can get near $200k by the end of the year if the 0.5 Fib breaks? Feel free to let us know in the comments section below!
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The 0.5 Fib has made its last rejection/ failed attempt to break on December 16 2024. It's been holding as a Resistance since May 02 2022. The last two Cycle Tops however haven't only been priced above the 0.5 Fib but above the 0.786 level too (obviously as close to the Channel Top as possible).
As a result, if BTC does break above the 0.5 level, a 'mere' test of the immediate upper Fib (the 0.618) could be translated by the end of the year (timing of Cycle Top) to a $200k test. That would also be a test of the Top of the 1st SD above (red Zone) of the Mayer Multiple Bands (MMBs), which is technically still within high tolerance levels.
So do you think we can get near $200k by the end of the year if the 0.5 Fib breaks? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.