- The trendline from the wicks match exactly with 2.272, 2.414 fib extensions and the technical target from the falling wedge.
I believe BTCUSD needs to spend some time between 28k - 38k, more so inside 32k - 38k levels.
- It might also bounce from the upper trend line which coincides with 0.5 0.618 levels, 39 40 is also psychoologically a bouncy level.
- Another option is around 33k where BTC recently bottomed and it lies inside what I call fibonacci golden pocket between 1.272 - 1.618 levels.
Nevertheless here are the targets a little closer.
Don't forget that if the top of 44613.68$ is broken the fib extension should be redrawn and all the levels would change slightly.
All of this would be invalidated if BTCUSD closes a day above 52k or ends the month over 46.3k.
The reason behind 52 is that it is the 0.618 retracement where higher than this means most likely the dead cat bounce scenario will not play, and secondly 46.3k Feb would print a bullish monthly candle
BTCUSDT
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Update on chart targets.
Update on chart targets.
If BTC breaks above 46.3k and spends another day or two above, these targets would be invalidated.
And BTCUSD will soar to dead cat bounce zone and the fate of the macro price direction will be decided there.