In our previous post Bitcoin was showing reversal signals. Our next target is around $63,000. Bitcoin is starting to form higher lows. A break above recent high at $58,825 will most probably push price closer to our target.
Green lines - Fibonacci retracements
Bitcoin is now just below $58,000 and I expect to see price closer towards $63,000 by the end of the week. I believe the move from its all time highs to $53,000 is over and it is time for price to bounce. The strength and length of this upward move will make it more clear if we should expect another leg lower below $53,000 or we should be preparing for new all time highs and a hot December.