Bitcoin - consolidation towards breakout
Since my last bitcoin post, the price action has been very bullish. Specifically, it has pierced the 20 weekly SMA for 3 straight weeks. This is a sign that btc wants to break out above and is very likely at this point. The pull back from the 20 weekly SMA hasn’t been that steep, which is a very bullish move for btc. My original projection of making lower lows at this point is unlikely.
Looking at the Fib retrace levels, it is likely that btc will head towards 0.236 and pierce the resistance level.
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