Last night I posted a tweet about recent price action in Bitcoin, stating that the $12,000 area was a logical stopping point for this recent move, because there was horizontal resistance at that level and because the price was at the upper end of its channel with divergence on the RSI. I commented that a throwback to the $9,200-$10,000 range was likely.
The digital ink was not dry on my post before bitcoin burst through resistance on its parabolic thrust towards new highs. As of the writing of this post, bitcoin is now at $13,750. I see no technical areas of resistance anywhere on the chart at this point. (Update 6/28: Bitcoin did stop at this level right at the 61.8% Fib retracement, which was the only relevant explanation because there was no other technically significant reason for resistance there.)
Bitcoin remains in a parabolic advance with a high rate of change on the Y axis (price) over a small window of time on the X axis. Although we are $5,000 away from all-time highs, the chart would seem to indicate that bitcoin *could* print a new high as early as this coming week.
A break of all time highs would target the first Fibonacci extension of $30,000+.
Chart Above Made Using TradingView
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