I’ll bite. I haven’t posted much TA lately:)
This is BTC on the Weekly chart on Gemini (I’m using Gemini because it’s one of my only clean charts)
We have a beautiful bull pennant (remember this is on the weekly, so it’s a much larger time frame) that BTC broke up from back in July. In August and September is came back down to test support of the former resistance.
Long story short, support got confirmed and we are seeing the break up from the bull pennant. The measured move for this break up is ~$28,500. Fibinachi retracement shows we will see some resistance between $13,500 to $16,400. We’re not going to rocket straight to $28,500 (nor would we want ti if we want sustainable price growth). There will be some ups and downs on the way there (but who knows…this is crypto and we’re seeing A LOT of main stream acceptance). But to be honest, I don’t see that fib level being TOO much of a pain. There has not been a lot of trade action in these levels and higher…so anything can happen. Once it gets to $28,500…we’ll see what happens. TA is going to be useless until we see some market structure taking shape in these new price levels.