As Bitcoin continues it's tear into the 10,000 USD territory, many factors are coming into play. The new halving cycle has begun, there is media hype around crypto in the financial sphere, and fear or missing out festering in the hedge fund community as big players, including more recently Paul Tudor Jones, now acting as public bulls on bitcoin.
Bitcoin today was chopped down a bit back into the 9000-9200 area. The candle wicked through the March 7th high which is now seeing it's second test of support and currently offering signs of strength.
If not here, the mid-march trend line, which caught the most recent "dump" on the 10th just five days ago, could be called upon again, all the way down in the 8600 area.
Zooming out a bit we see there has been significant progress filling the gap between fiboncci levels at 7073 and 9501, with a succesful full range of price action in-between the 23rd of April and the 7th of May. An even faster coverage of the range between the next two levels at 9501 and 11463 is likely what's to come next. This is a logical assumption because the difference between the low and high of the range aforementioned was 2428 USD and the next range's difference is only 1962 USD.
This explains in part why fibonacci retracement can have an exponential pace, the gaps between levels become smaller and smaller, therefore easier for price to overtake. In addition, the 0.5 level of fibonacci retracements offer great insight into the price to follow as it acts as either support or resistance.
Today or tomorrow is less relevant for specific price expectations and projections. A projection with multi-month trends backing it, into the relatively near future, provides much greater opportunity.
Bitcoin will have a swing into the resistance level at 10,400 and break through for a short period of time. Subsequently price will hit a wall of sell orders which have been waiting for weeks to be filled, as this level of resistance has been prevalent since October of '19.
A swing down into support, above the 9501 fibonacci level, will mark the new bottom before a rally towards the ever-important 0.5 fibonacci level at 11463. All this to occur through mid-June.
Since mentioning the use of the Penny Coin Strategy, there have been phenomenal opportunities I have mentioned and touched on in the past two weeks, each giving rise to gains of 15-20% per prediction. As this opportunity grows, the dynamics of the logic behind my Penny Coin Strategy evolve as well.
Later today I will be releasing a very important article touching on the new opportunities being presented by the market. I will be adding another coin to the strategy which entails possibilities to compound your earnings.
Stay tuned to tweets from my account to make sure you get notified when the new info is released later today.