BITCOIN broke $7000! Why we can see $9150 in April.

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Bitcoin finally did as it has done so many times in the past. The price broke the $7000 level and in doing so recovered the 0.618 Fibonacci retracement level. First I want to mention that it is the first time in recent sharp sell-offs that the 0.618 Fibonacci level is recovered so quickly and once it has, Bitcoin always made a new High, as shown on the chart below:


It appears that the current recover process is supported by a Channel Up. So far it has made perfect touches with the 0.136 Fib, the 0.382 Fib and as mentioned the 0.618 Fib today. The sequence shows that the contact on those Fibs is symmetrical and since the first one was on the 0.136, the analogy for the next contact is the 0.864 Fibonacci level. Now why we can see this price in April? Because it appears that every Fib level is touched roughly after 3-4 days from the last one.

*One parameter that can distort this Channel Up pattern is the contact with the 1D MA50 (blue line) or the MA200 (orange line).


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