On the chart I have assembled four ranges of potential pullback targets for BTC. This was done based on fibonacci extensions and key support/resistance levels taken from previous price data.
As we can see BTC has indeed retraced into our first zone labelled (aggressive) as it is the best case scenario for bulls, and had a strong bounce thereafter.
As long as the price stays above our first zone, then BTC theoretically has completed its retracement. We should expect the next impulsive move to bring us to the $72k - $74k range.
PS: Happy trading and keep an eye on btc leverage ratio as it is starting to heat up.
As we can see BTC has indeed retraced into our first zone labelled (aggressive) as it is the best case scenario for bulls, and had a strong bounce thereafter.
As long as the price stays above our first zone, then BTC theoretically has completed its retracement. We should expect the next impulsive move to bring us to the $72k - $74k range.
PS: Happy trading and keep an eye on btc leverage ratio as it is starting to heat up.