Bitcoin hit ATH not long ago and broke the $6000 psychological area. With a little bit of backtesting we can see that Bitcoin tends to retrace back to previous structure and these areas just so happen to be precise fibonacci levels as seen in the analysis. Broke $3000 -> back to $1850 | 0.5 fib Broke $4990 -> back to $3000 | 0.618 fib
So whats next? Well, my predictions are the following: With backtesting BTC I can see a retracement back to 0.382 - $4957 area before buyers load up again for new ATH's and test the fib extensions I've drawn: 1.272 @ $7045 and 1.618 @ $8147.
Text in bold has yet to happen Broke $3000 -> back to $1850 | 0.5 fib Broke $4957 -> back to $3000 | 0.618 fib Broke $6180 -> back to $4957 | 0.382 fib Breaks 7000$ -> back to $6180?
This is my previous Bitcoin analysis which was mainly done for fun but it respected it perfectly and started peeling at my target. Can also be found down below.
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UPDATE: Bitcoin has been FLYING (when hasn't it, lol) but on a serious note..I was expecting a retracement after the 1.27 fib extension where the 7k level was broken but it currently seeing resistance precisely at the 1.414 extension @ 7.4k-7.5k. Let's see what it wants to do.